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08-01-2014, 09:05 AM #1
asset based lending
Worked closely with WBL to get a file done for a farming business utilizing a personal house, paid off, market value of 400k. Have title, morgage statement stating owner is free and clear, and a drive by BPO.
WBL is an excellent company however couldnt reach the dollar amt. Merchant was looking for. Anyone know a lender who would collateralize this house and extend a equity line of credit, hard money loan or cash advance to get this done? Company has few deposits per month 3 to 8, 1 in May, averages roughly 65 to 70k, 530-540 credit so they wont qualify with fanny mae, may did 80k, June 70k, utd july when recieved file on 8th was 93k expecting 200k by end of month.
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