[LYC]

I have a client who owns a commercial property and bar in Florida free and clear. The property is assessed at $300K by the property appraisers office, but client claims the property will appraise closer to $600K. There is no mortgage on the property. Credit score is in the high 600's. Merchant is looking to pull out @ $175K on the property.

the client is willing to use the property as collateral assuming he can get traditional rates and structure. WBL will not work here.

PM me if you can assist.

[abfunders]

Is it a free-standing restaurant?

[LYC]

Yes it is

[RichardGerard]

Shouldn't be hard to do.. Stated Income Lenders start with rates in the high 6's and LTV's up to 65% of the appraised value.. The better the personal credit the better the rate..

Touch base if you would like assistance..

Richard 516 510 3855

www.businesscapitalconsultants.com

[Yankeeman07]

I have a client who owns a commercial property and bar in Florida free and clear. The property is assessed at $300K by the property appraisers office, but client claims the property will appraise closer to $600K. There is no mortgage on the property. Credit score is in the high 600's. Merchant is looking to pull out @ $175K on the property.

the client is willing to use the property as collateral assuming he can get traditional rates and structure. WBL will not work here.

PM me if you can assist.

Have a Commercial Realtor pull a comp and see what the Selling Value is.
Property Appraiser will always be lower.

Then consider SBA Loan - 175K @7.25% @120 payments = $2,054.52 Monthly Payment

[RichardGerard]

Have a Commercial Realtor pull a comp and see what the Selling Value is.
Property Appraiser will always be lower.

Then consider SBA Loan - 175K @7.25% @120 payments = $2,054.52 Monthly Payment

Dave with all due respect, why would you advocate a 10 year amortization when a 25 is available through SBA? SBA 7a rates that you are quoting are 2.75% over prime, when institutional debt is cheaper and so is stated income Commercial Real Estate debt. On a 25 year AM the client saves $800 per month- and the 504 program does this...

[omegafund]

If you want a private money investor and need to close under 7 days message me. No appraisal No upfront fees. He can refinance into one of the other deals after if time is an issue now. Ben

[Yankeeman07]

Dave with all due respect, why would you advocate a 10 year amortization when a 25 is available through SBA? SBA 7a rates that you are quoting are 2.75% over prime, when institutional debt is cheaper and so is stated income Commercial Real Estate debt. On a 25 year AM the client saves $800 per month- and the 504 program does this...

I was providing an example in lieu of a MCA Product. Additionally, since we do not have any specific information, can the business support the loan?

How much money is the owner showing on his Tax Returns - Schedule C -

[Yankeeman07]

Informational Purposes Only

https://cdcloans.com/lender/504-7a-loan-comparison/

[RichardGerard]

I was providing an example in lieu of a MCA Product. Additionally, since we do not have any specific information, can the business support the loan?

How much money is the owner showing on his Tax Returns - Schedule C -

No worries.. FYI the stated income CRE lenders do not require Corporate or Personal returns and offer very competitive rates.. As you know each deal and situation is different. They obviously address the scenarios where income isn't there but value is.

[nrh1lp]

Working on a stated income deal closing tomorrow 8.25% 30 year arm 65% LTV w/ 645 FICO, that's with my points baked in

[Yankeeman07]

Today closed a Property Management Company - SBA - 125K -

[WestCoastFunding]

No worries.. FYI the stated income CRE lenders do not require Corporate or Personal returns and offer very competitive rates.. As you know each deal and situation is different. They obviously address the scenarios where income isn't there but value is.

Richard, I give you credit for being a nice guy and letting Dave’s comment fly. Me personally, I would have blasted his rebuttal for being a whole bunch of nonsense.

[RichardGerard]

Working on a stated income deal closing tomorrow 8.25% 30 year arm 65% LTV w/ 645 FICO, that's with my points baked in

Were you able to add 2 points to YSP? If so that's a competitive rate with a 645 FICO.. Nice

[nrh1lp]

Were you able to add 2 points to YSP? If so that's a competitive rate with a 645 FICO.. Nice

Yup

[Yankeeman07]

Richard, I give you credit for being a nice guy and letting Dave’s comment fly. Me personally, I would have blasted his rebuttal for being a whole bunch of nonsense.

I always love other people's stupid comments.

[WestCoastFunding]

I always love other people's stupid comments.

No offense, Dave, but you were advocating for this guy to take a 10 year SBA when there’s clearly a 25 year option for refinancing cre. I honestly don’t think you knew that.

[Yankeeman07]

No offense, Dave, but you were advocating for this guy to take a 10 year SBA when there’s clearly a 25 year option for refinancing cre. I honestly don’t think you knew that.

I know that and I also know that restaurants are not exactly a favorite industry with many lenders.
Other issues that come into play in Florida, is the property in a flood zone, was their property damaged by any of the hurricanes, is the revenue adequate, and so forth, etc.

BTW, I'm not the dumbest guy in the room.