[CFG]

I'm looking for a term loan lender who takes real estate as collateral that can fund quickly.

Any recommendations?

Thanks in advance fellow funders! Stay warm and safe out there in this blizzard like noreaster!

[abfunders]

You mean a mortgage or a hard money loan?
There are tons.

[RichardGerard]

Thinking that you mean a lender similar to Lift Forward on Maiden Lane in NYC.. Ask for Sean

[AllriseDillon]

This is something that we can do.

Please give me a call at 775-300-6202 ext. 106 or send me an email at dillon@allrisefinancialgroup.com.

[CFG]

Forgive me everyone, I should have been a little more specific. I need a term loan lender offering working capital term loans that would utilize a residential property as collateral along with the business's financials. I need traditional rates and terms (5yrs+)

[snajieb]

Thanks RG

[stevenhaugh]

I'm looking for a term loan lender who takes real estate as collateral that can fund quickly.

Any recommendations?

Thanks in advance fellow funders! Stay warm and safe out there in this blizzard like noreaster!

I'm also in the similar situation. Please help!

[stevenhaugh]

This is something that we can do.

Please give me a call at 775-300-6202 ext. 106 or send me an email at dillon@allrisefinancialgroup.com.

Sure, I'll consider this.

[stevenhaugh]

You mean a mortgage or a hard money loan?
There are tons.

What would be the difference in the interest rate and the repayment schedule?

[abfunders]

What would be the difference in the interest rate and the repayment schedule?

Mortgage = 30-year amortization schedule, monthly principle & interest. For a non-commercial property, rates from a bank will be in the 3's or 4's, while the rates that we brokers without a Real Estate license on this forum can get start in the 5's some can up-sell up to the 9's, with up to 3 maybe 4 broker points. For commercial property, add about 2 points.

With banks, you'll close in about 60 days and only qualify with income verification. For the lenders who hang out around here, I'm working a small deal now with one of them that the whole thing will take 3 weeks, if we close, with no income verification or tax returns whatsoever, and we're able to squeeze out 5 points with the up-sell. It goes very smooth, if you know what you're doing and the borrower is on board and has his set of RE people (insurance agent and closing agent).

Money Lender = 12-18 months interest-only payments, generally from 10-12% with 1-4 points origination

$100,000 mortgage at a very high 10% interest rate $878/month
$100,000 hard money loan at 10% is $1000/month, and you have to re-fi out in one year (balloon payment)

[RichardGerard]

Mortgage = 30-year amortization schedule, monthly principle & interest. For a non-commercial property, rates from a bank will be in the 3's or 4's, while the rates that we brokers without a Real Estate license on this forum can get start in the 5's some can up-sell up to the 9's, with up to 3 maybe 4 broker points. For commercial property, add about 2 points.

With banks, you'll close in about 60 days and only qualify with income verification. For the lenders who hang out around here, I'm working a small deal now with one of them that the whole thing will take 3 weeks, if we close, with no income verification or tax returns whatsoever, and we're able to squeeze out 5 points with the up-sell. It goes very smooth, if you know what you're doing and the borrower is on board and has his set of RE people (insurance agent and closing agent).

Money Lender = 12-18 months interest-only payments, generally from 10-12% with 1-4 points origination

$100,000 mortgage at a very high 10% interest rate $878/month
$100,000 hard money loan at 10% is $1000/month, and you have to re-fi out in one year (balloon payment)

To expand what Micah is saying: Dodd Frank precludes primary residential property from being leveraged for business purposes. If however the property is a 1-4 family 'rental' property, there are 'soft' money lenders that can do rates from 7-9%, on a stated income basis. Most have a 650+ FICO requirement (although some don't care). Closing turn around- while somewhat streamlined from the P and L with 1.2 DSCR, will still be contingent on appraisal, title, and attorneys/title closers schedules.

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