[ReilFunder]

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.

[Lmonus]

WBL would love this.

[rdgllc]

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.

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.

[SBuchholz]

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.

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

[Jstarr]

That is a bad idea, Im not sure why anyone would send a real estate deal to them..especially when you have lenders like myself that are offering terms from 7% -

WBL would love this.