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08-31-2018, 10:37 AM #1
- Join Date
- Apr 2018
- Posts
- 4
Need Funding For Real Estate Developer File - Detail Listed Below
Anyone interested in this file- We're looking for funding on the following deal:
RE builder / developer - small amount of large deposits. Drop off in deposits over the last 2 months, they've got money being held in escrow which will be released upon getting over certain hurdles in their building project, and then ultimately selling property:
Aug / July: No substantial deposits
June 7K deposits
May 31K deposits
Apr 130K deposits
Mar 264K deposits
Feb 227K deposits
They've got a property worth 5.1M, with a current mortgage of 1.5M on it. So there's significant equity to work a 2nd LOC using the property as collateralLast edited by Sunrise Capital; 08-31-2018 at 02:26 PM. Reason: Additional Info
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09-01-2018, 12:01 AM #2
- Join Date
- Aug 2018
- Posts
- 19
Hey,
I do have have an asset based lending program that may work. Shoot me an email and we can talk further. Now with the significant decline in deposits the rate will be a bit higher, because it is high risk, however, with 3.6m in equity available I'll be able to get a better rate than most. bgibbs@fastadvancefunding.com
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09-05-2018, 12:10 AM #3
Depending on property type & Location, and assuming that the value and mortgage balance is what you've stated - i would take a out the first and provide 12-24 months interest only terms with no PPP.
not interested in industrial or gas stations.Jerry Starr
Insource Funding
433 Plaza Real,
Boca Raton, Fl 33432
P: 800-805-3391 Fx: 561-270-6895
insourcefunding.net
WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL
◆ 50% LTV - No Fico Required
◆ 90% CLTV on Purchases
◆ Investment Residential / Commercial Properties
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