Results 1 to 18 of 18
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01-31-2018, 09:26 AM #1
- Join Date
- Oct 2016
- Posts
- 72
Commercial Property To be Used As Collateral
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.
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01-31-2018, 09:30 AM #2
- Join Date
- Feb 2017
- Posts
- 3,455
Is it a free-standing restaurant?
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01-31-2018, 09:57 AM #3
- Join Date
- Oct 2016
- Posts
- 72
Yes it is
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01-31-2018, 10:51 AM #4
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
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
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01-31-2018, 12:24 PM #5
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,977
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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01-31-2018, 12:53 PM #6
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
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...
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01-31-2018, 01:06 PM #7
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 730
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
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01-31-2018, 01:18 PM #8
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,977
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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01-31-2018, 01:20 PM #9
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,977
Informational Purposes Only
https://cdcloans.com/lender/504-7a-loan-comparison/Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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01-31-2018, 01:30 PM #10
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
Last edited by RichardGerard; 01-31-2018 at 01:31 PM. Reason: adding
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01-31-2018, 01:39 PM #11
- Join Date
- Jan 2016
- Posts
- 435
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
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01-31-2018, 01:50 PM #12
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,977
Today closed a Property Management Company - SBA - 125K -
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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01-31-2018, 01:51 PM #13
- Join Date
- Oct 2016
- Posts
- 4,318
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01-31-2018, 01:56 PM #14
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
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01-31-2018, 02:15 PM #15
- Join Date
- Jan 2016
- Posts
- 435
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02-01-2018, 09:16 AM #16
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,977
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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02-01-2018, 09:47 AM #17
- Join Date
- Oct 2016
- Posts
- 4,318
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02-01-2018, 11:16 AM #18
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,977
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.Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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