Results 1 to 11 of 11
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01-04-2018, 11:51 AM #1
- Join Date
- May 2017
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- 36
Need a term loan w/real estate as collateral
I'm looking for a term loan lender who takes real estate as collateral that can fund quickly.
Any recommendations?
Thanks in advance fellow funders! Stay warm and safe out there in this blizzard like noreaster!
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01-04-2018, 11:54 AM #2
- Join Date
- Feb 2017
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- 3,463
You mean a mortgage or a hard money loan?
There are tons.
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01-04-2018, 12:14 PM #3
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Thinking that you mean a lender similar to Lift Forward on Maiden Lane in NYC.. Ask for Sean
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01-04-2018, 12:46 PM #4
- Join Date
- Dec 2017
- Location
- Reno, NV
- Posts
- 1
This is something that we can do.
Please give me a call at 775-300-6202 ext. 106 or send me an email at dillon@allrisefinancialgroup.com.Dillon Ostrenger
Allrise Financial Group, Inc.
200 S. Virginia St., Ste. 500
Reno, NV 89501
D: 775-300-6202 ext. 106
F: 775-546-6100
E: dillon@allrisefinancialgroup.com
Find out more here: http://allri.se/do
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01-04-2018, 01:21 PM #5
- Join Date
- May 2017
- Posts
- 36
Forgive me everyone, I should have been a little more specific. I need a term loan lender offering working capital term loans that would utilize a residential property as collateral along with the business's financials. I need traditional rates and terms (5yrs+)
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01-05-2018, 05:33 PM #6
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- Apr 2016
- Posts
- 103
Thanks RG
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01-11-2018, 11:38 PM #7
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- Jan 2018
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- 12
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01-11-2018, 11:39 PM #8
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- Jan 2018
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- 12
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01-11-2018, 11:40 PM #9
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- Jan 2018
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01-12-2018, 03:09 AM #10
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- Feb 2017
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Mortgage = 30-year amortization schedule, monthly principle & interest. For a non-commercial property, rates from a bank will be in the 3's or 4's, while the rates that we brokers without a Real Estate license on this forum can get start in the 5's some can up-sell up to the 9's, with up to 3 maybe 4 broker points. For commercial property, add about 2 points.
With banks, you'll close in about 60 days and only qualify with income verification. For the lenders who hang out around here, I'm working a small deal now with one of them that the whole thing will take 3 weeks, if we close, with no income verification or tax returns whatsoever, and we're able to squeeze out 5 points with the up-sell. It goes very smooth, if you know what you're doing and the borrower is on board and has his set of RE people (insurance agent and closing agent).
Money Lender = 12-18 months interest-only payments, generally from 10-12% with 1-4 points origination
$100,000 mortgage at a very high 10% interest rate $878/month
$100,000 hard money loan at 10% is $1000/month, and you have to re-fi out in one year (balloon payment)Last edited by abfunders; 01-12-2018 at 03:11 AM.
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01-12-2018, 07:44 AM #11
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
To expand what Micah is saying: Dodd Frank precludes primary residential property from being leveraged for business purposes. If however the property is a 1-4 family 'rental' property, there are 'soft' money lenders that can do rates from 7-9%, on a stated income basis. Most have a 650+ FICO requirement (although some don't care). Closing turn around- while somewhat streamlined from the P and L with 1.2 DSCR, will still be contingent on appraisal, title, and attorneys/title closers schedules.
www.businesscapitalconsultants.com
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