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  1. #1
    Senior Member Reputation points: 1232
    Join Date
    Jan 2017
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    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.

  2. #2
    Senior Member Reputation points: 7360
    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

  3. #3
    Senior Member Reputation points: 68233
    Join Date
    Dec 2014
    Location
    Quogue, NY
    Posts
    1,108

    Quote Originally Posted by dpFund View Post
    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

    Dan sounds a lot like the stated programs from Apex or Velocity- right? Apex will probably like Pennsylvania more..

    Scotsmanguide.com will be a great resource for the bloggers here to see who does what in Commercial Real Estate Hard and Soft Money..

  4. #4
    Senior Member Reputation points: 1232
    Join Date
    Jan 2017
    Posts
    116

    Velocity won't do Restaurants --- Apex I haven't checked.

  5. #5
    Senior Member Reputation points: 68233
    Join Date
    Dec 2014
    Location
    Quogue, NY
    Posts
    1,108

    they do.. somewhat restrictive with disbursing funds

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