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  1. #1
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    $2MM Mezzanine Loan using Real Estate Units as Collateral; 93% LTV??? No Appraisal???

    Is there anyone who can do or knows of a lender who can do such loan?

    Borrower will let lender hold the deed. Needs a quick $2MM for renovations.
    1st Lien: $24MM
    Value: $28.55MM
    Loan Amount: $2MM 2nd position
    Location: East Point, GA

    Who can do this loan using BPO only? The issue is, of course, doing a loan at such high LTV, in the 2nd.
    Couldn't refi the 1st. It's so high!

  2. #2
    Senior Member Reputation points: 13278
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    Quote Originally Posted by Fundyman View Post
    Is there anyone who can do or knows of a lender who can do such loan?

    Borrower will let lender hold the deed. Needs a quick $2MM for renovations.
    1st Lien: $24MM
    Value: $28.55MM
    Loan Amount: $2MM 2nd position
    Location: East Point, GA

    Who can do this loan using BPO only? The issue is, of course, doing a loan at such high LTV, in the 2nd.
    Couldn't refi the 1st. It's so high!
    I can get it done. christian@fidelitybusiness.org

  3. #3
    Quote Originally Posted by Fundyman View Post
    Is there anyone who can do or knows of a lender who can do such loan?

    Borrower will let lender hold the deed. Needs a quick $2MM for renovations.
    1st Lien: $24MM
    Value: $28.55MM
    Loan Amount: $2MM 2nd position
    Location: East Point, GA

    Who can do this loan using BPO only? The issue is, of course, doing a loan at such high LTV, in the 2nd.
    Couldn't refi the 1st. It's so high!
    MAYBE Lift Forward?

  4. #4
    Senior Member Reputation points: 3090
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    Quote Originally Posted by rdgllc View Post
    MAYBE Lift Forward?
    Might be on to something here... I'll keep them there as a backup.

  5. #5
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    Lift is great but their max loan amount is $2m. They go by annual business revenue up to 10% and equity up to 100%cltv. To hit your max of 2m loan amount merchant would have to be doing north of $20,000,000 a year which is definitely possible but its more then just equity with them. Granted if the file fits their box they have awesome programs for it, Sean is my guy there, he is as top shelf as they come.

  6. #6
    Senior Member Reputation points: 3090
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    Quote Originally Posted by Sachip24 View Post
    Lift is great but their max loan amount is $2m. They go by annual business revenue up to 10% and equity up to 100%cltv. To hit your max of 2m loan amount merchant would have to be doing north of $20,000,000 a year which is definitely possible but its more then just equity with them. Granted if the file fits their box they have awesome programs for it, Sean is my guy there, he is as top shelf as they come.
    Thanks. They only do about $5MM/year, which means they would barely see something like $500,000 tops. It's a good reminder that saves me time.

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