Results 1 to 5 of 5
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07-11-2017, 06:41 PM #1
Looking for a 2nd Position Bridge Loan on $1.6M Property
Hey Guys
Does anybody know a lender that does 2nd positions?
Looking for max LTV!
-Multi Family Residential Property / Value is $1.6M / over $1M in equity in property
-1st position balance of around $500K
-Borrowers runs business out of property, but does not live there
-Business annual gross revenue is around $640K
-600+ credit scoreLast edited by NickHubbard; 07-11-2017 at 07:13 PM.
Nick Hubbard
Senior Loan Advisor
314-252-0299 - Office
314-885-2262 - Direct
nick@elitefactoring.com
www.elitefactoring.com
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07-12-2017, 02:49 AM #2
- Join Date
- Mar 2016
- Posts
- 335
We can do this all day. Rates may be a bit higher than hard money lender but we can get it done in days not weeks. Also, we can do a LOC or interest only loan. Whatever the client wants.
PM sent.
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07-13-2017, 09:59 AM #3
- Join Date
- Apr 2017
- Posts
- 16
Nick,
This sounds like a deal for us, considering our new lower rates.
Best,
Anthony DeLeonardo
Vice President | Regional Wholesale Manager
Direct: (646)880-8035
Fax: (551)267-6714
Email: adeleonardo@wbl.com
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07-13-2017, 11:25 AM #4
Am i the only one who sees "2nd position bridge loan"? which means you guys are saying you would have no problem getting behind someone else's lien on a 1.6MM property?
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07-14-2017, 10:20 AM #5
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
Hey Nick,
I cannot do a second position, but may be able to do better. Assuming the numbers work, I can refi the first mortgage and provide cash out, probably somewhere in the $500k cash out area, depending upon the variables of the deal. If it is truly a multi family property that has a number of rentals that are generating income, it should not be an issue that the owner runs a business out of there.
In addition to all the other stuff we are doing in the industry, I am quietly funding a LOT of real estate. I have $9.3MM of deals that are on track to fund this month, with another $23MM coming up behind it for next month.
If you're interested, feel free to check out my real estate funding site: http://boulderequitypartners.com/
Happy to brainstorm with you about this client if you like.
Best,
Dan Page
Direct: (303) 938-8280
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