[FXTech]

Long time lurker, first time poster:

Not sure the correct format of dissemination of details, but here is what I have with a great deal of urgency for the client.

Land and property can be collateralized 90-120 day bridge needed, client has been getting the run around from a few 'brokers' for a month and the clock is ticking, have the entire file on the deal. All payments can be escrowed for additional security. Will give additional details via PM/email.

Thanks.

[RichardGerard]

FX,

If the land and property are already collateralized what does the Bridge Funder attach to in the event of a default?

[FXTech]

FX,

If the land and property are already collateralized what does the Bridge Funder attach to in the event of a default?

I mistyped. The land AND real estate are free to be collateralized.

[RichardGerard]

Then it becomes about the Real Estate.. What area of Chicago? What is it worth? Is it office space, light industrial, strip mall, 1-4 Residential etc.?

What is the FICO of the guarantor?

Any Tax issues?

Closings can occur swiftly (however long it takes to appraise and get clean title)..

[FXTech]

Then it becomes about the Real Estate.. What area of Chicago? What is it worth? Is it office space, light industrial, strip mall, 1-4 Residential etc.?

What is the FICO of the guarantor?

Any Tax issues?

Closings can occur swiftly (however long it takes to appraise and get clean title)..

That's the rub...

1. South Loop, vacant lot, clean enviro, zoned for strip mall
2. FICO of guarantor is sub 600
3. No tax issues
4. Appraisal (I want to say at 1.2MM but I could be wrong) and title work has been done (was purchased out of bankruptcy)
5. Additional Real property is is appraised at $330K.

This is a very weird deal being handled through the R/E Attorney.

[RichardGerard]

Raw Land hurts

Sub 600 Fico does as well..

Check out scotsmanguide.com for Lenders that like Land in Chicago area (do a lender search)

[abfunders]

If this is a business loan, did you try WBL? I can help you out with another lender if you'd like, that won't kill the deal last minute like WBL is known to do. Although my rep at WBL just killed a deal in underwriting, so I never presented it to the merchant, which saved me plenty of embarrassment.

If you're not signed up at WBL, let me know, and I can submit it for you, as can just about anyone else here.... mmarkowitz@abfunders.com

[FXTech]

Thanks all, I have a follow up call in a few minutes with the R/E attorney to see where this has been sent and who has seen it. Will follow up with more info as I get it.

[FXTech]

Raw Land hurts

Sub 600 Fico does as well..

Check out scotsmanguide.com for Lenders that like Land in Chicago area (do a lender search)

Thanks!