Results 1 to 5 of 5
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10-28-2018, 10:26 PM #1
- Join Date
- Mar 2018
- Posts
- 1
Cash Out Refi- 130k
I have a merchant who owns a commercial property in WV; last time it was appraised (9 years ago) it was valued at $220,000. Merchant is looking to pull out 130k using his building as collateral. There is no mortgage on this property and there is only 1 tenant; FICO is 700+. Let me know if you think you can make this work.
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10-29-2018, 04:48 PM #2
- Join Date
- Mar 2016
- Posts
- 904
WBL would love this.
Thank you,
Lior Monus
Business Development Manager
CFG Merchant Solutions
Direct: (646) 880-6764
Cell: (516) 319-5826
Fax: (646) 278-7322
Lmonus@cfgms.com
180 Maiden Lane New York, NY 10038
www.cfgmerchantsolutions.com
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10-29-2018, 07:28 PM #3
- Join Date
- Jun 2016
- Location
- Tampa, FL
- Posts
- 180
What type of commercial property (office, retail, etc.)? Assuming he wants a permanent structure, you'd be looking at 5-8% for 70-75% LTV with a 5/1 or 7/1 ARM over 30 years. 130k won't be an issue if the value is what you say it is. PM if you'd like to discuss more.
Also, WBL won't give a traditional mortgage. They'll advance money based on his business using the property as collateral with factor rates of 1.40-1.80, sometimes higher.Last edited by rdgllc; 10-29-2018 at 07:37 PM.
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10-30-2018, 08:57 AM #4
- Join Date
- Feb 2017
- Location
- Fort Washington, PA
- Posts
- 37
I could possibly do this one with our Perm stated income program- as a cash out with 70% LTV, just need to make sure this property isn't rural and that it can actually appraise. Give me a call at 215-619-2543 or shoot me some of the details to sbuchholz@velocitymortgage.com
Scott Buchholz
Account Executive
Velocity Mortgage Capital
215.619.2543 Direct
sbuchholz@velocitymortgage.com
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10-30-2018, 03:52 PM #5Jerry 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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