[WeFundIt]

I have a client who owns a commercial property with an appraised value of $1.1MM and $770k in equity. She wants to pullout $750k to payoff her current mortgage of $330k and use the balance for improvements on another property that she owns, as well as working capital for her business.

I also have a few more that also need a good home.

Thanks.

[abfunders]

This sounds like a Velocity deal, but beware of getting stipped to death.
Please email me for some advice.

[Jstarr]

depending on the property type we could assist, we arent interested in industrial, vancant warehouses, raw land and trucking facilities.

[MikePhilipsGCC]

I have a client who owns a commercial property with an appraised value of $1.1MM and $770k in equity. She wants to pullout $750k to payoff her current mortgage of $330k and use the balance for improvements on another property that she owns, as well as working capital for her business.

I also have a few more that also need a good home.

Thanks.

Hey,

What state are they in? I may be able to help.

Shoot me an email @ Michael@GothamCapitalCity.com

Regards,

[Sachip24]

Velocity will stip the hell out of you from start to finish, and very unorganized was my last experience with them. Thank God we still got it done but it was literally and uphill battle on a layup deal for almost 8 weeks that should have taken no more then 45 days

[abfunders]

Sachip, I don't disagree. Velocity is just about as stip-happy as the bank. At least they don't require income verification and the sourcing of funds (for a purchase) can be bought off with an extra 0.5 points.

Who on earth forces the following: Hand-written note on types letterhead from a single-purpose LLC stating that (a) they won't live there and (b) what the proceeds from the cash-out re-fi will be.

However, it's harder to find a lender on a commercial property with the online lenders that has a 30-year amortization as opposed to some interest-only hard money. You can head over to Scottman's guide and shoot it out there, if you'd prefer.

[Jstarr]

Michael, if they're in New York-New Jersey area give me a call we can do this fairly quick. As long as they're not coops.

[Sachip24]

Sachip, I don't disagree. Velocity is just about as stip-happy as the bank. At least they don't require income verification and the sourcing of funds (for a purchase) can be bought off with an extra 0.5 points.

Who on earth forces the following: Hand-written note on types letterhead from a single-purpose LLC stating that (a) they won't live there and (b) what the proceeds from the cash-out re-fi will be.

However, it's harder to find a lender on a commercial property with the online lenders that has a 30-year amortization as opposed to some interest-only hard money. You can head over to Scottman's guide and shoot it out there, if you'd prefer.

yup. day of closing, they wouldn't accept the actual legal ARTICLES OF ORG showing ownership percentages and wanted client to hand write a note instead saying he is 70% owner of the business. absolutely ridiculous. Not to mention asking for everything more than three times after i kept sending them what they asked for, on day of closing everything is in ready to close and that's when their closing department tells title company no there are other fees they need to add onto hud (15k worth of fees) that their processor should have told me ahead of time to add on so I could calculate my fee correctly instead day of closing they pull that which completely screwed me over because if client has to bring money to closing then they start asking for more bank statements etc etc, and appraiser they ordered took 10 days longer then was supposed too just to mention a few of things I had to encounter dealing with them. But as I mentioned I was still able to get it closed but from my experience I most likely will not be using them again. There many other lenders that offer stated programs and can go up to 75%ltv not 70ltv like them. Not worth the headaches for me.

[RDeStefano]

Very easy deal depending on revenues. 212-220-0175. Thanks, Robert

[Jstarr]

Articles Of Org doesnt prove ownership, operating agreements superceed, and depending on the structure you could submit a corporate resolution.

Sorry you were having other issues with this loan, our loans typically include all relevant fees( Legal, Title, Survey, Recording etc.. )

yup. day of closing, they wouldn't accept the actual legal ARTICLES OF ORG showing ownership percentages and wanted client to hand write a note instead saying he is 70% owner of the business. absolutely ridiculous. Not to mention asking for everything more than three times after i kept sending them what they asked for, on day of closing everything is in ready to close and that's when their closing department tells title company no there are other fees they need to add onto hud (15k worth of fees) that their processor should have told me ahead of time to add on so I could calculate my fee correctly instead day of closing they pull that which completely screwed me over because if client has to bring money to closing then they start asking for more bank statements etc etc, and appraiser they ordered took 10 days longer then was supposed too just to mention a few of things I had to encounter dealing with them. But as I mentioned I was still able to get it closed but from my experience I most likely will not be using them again. There many other lenders that offer stated programs and can go up to 75%ltv not 70ltv like them. Not worth the headaches for me.

[Sachip24]

Articles Of Org doesnt prove ownership, operating agreements superceed, and depending on the structure you could submit a corporate resolution.

Sorry you were having other issues with this loan, our loans typically include all relevant fees( Legal, Title, Survey, Recording etc.. )

They were asking for Articles of Org. They had the operating agreements showing ownership %. They would not accept the legal documents they were asking for and made merchant handwrite a note which was insane to me. But it got done.

On another note do you do 2nd mortgages?

[Jstarr]

We dont offer 2nd's

They were asking for Articles of Org. They had the operating agreements showing ownership %. They would not accept the legal documents they were asking for and made merchant handwrite a note which was insane to me. But it got done.

On another note do you do 2nd mortgages?

[RDeStefano]

Good morning. Your client is stating the "net equity" in her property, as opposed to her "gross equity." In this case, the maximum amount of funding she could probably expect to receive is around $450K +/- depending on deposit volume. Please give me a call to discuss. 212-220-0175. Thanks, Rob