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10-26-2017, 04:58 PM #1
- Join Date
- Jan 2017
- Posts
- 116
Restaurant / ofc building - pennsylvania - hard money - need 2 year
> HARD MONEY
> 2 YEAR + BALOOON IS FINE
> RESTAURANT / OFC BUILDING, PV: 700, LN AMT: 350K.
> APPRAISAL IS ALREADY PAID FOR - NEED DESK REVIEW OR BPO? Borrower refuses to pay for another appraisal. It was just done.
> TITLE WORK ALREADY DONE
> CREDIT: 740
> INCOME: STATED/NO DOC
> STATE PENNSYLVANIA
> > Current lender will take too long waiting for trust deed investors to come up with funding. Need real lender, not unreliable table funding.
NEED HARD MONEY LENDER THAT WILL DO BPO OR DESK REVIEW -- Suggestions? Not offers to co-broker, please.
PM ME, THANKS.
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10-27-2017, 09:20 AM #2
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
Good morning,
Just sent you a PM.
This sounds like it fits within our wheelhouse.
My typical term is 3 years (sometimes longer). Rate is fixed (usually 8% - 10% range unless credit or property is sub-standard) for three years and converts to a variable rate thereafter.
If the client has a verifiable appraisal (not BPO) within the last 60 days we can likely use it.
If the building is non-owner occupied I can usually get by with Rent Roll and copies of leases. But if the client occupies any portion of the building, then we will need to see most recent tax return and financials.
Most of these I fund in-house, through my partner fund. For large deals (over $5MM) I often need to work with correspondent lenders.
Let me know if you would like to discuss. I only check in here at DF sporadically, so email or phone is best.
Thanks,
Dan Page
Boulder Equity Partners
Direct: (303) 938-8280
dan@boulderequitypartners.com
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10-30-2017, 08:10 AM #3
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
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10-30-2017, 03:02 PM #4
- Join Date
- Jan 2017
- Posts
- 116
Velocity won't do Restaurants --- Apex I haven't checked.
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10-30-2017, 03:48 PM #5
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
they do.. somewhat restrictive with disbursing funds
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