Results 1 to 7 of 7
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01-10-2019, 03:55 PM #1
- Join Date
- Sep 2018
- Location
- New York City, NY
- Posts
- 14
$2 million RE loan
Have a merchant who owns a 3 family house, and lives in one of the units. Property is worth 3 million and owned free n clear, and they are looking to take out $2 million in cash for reinvestment. Husband and wife who own the property own a laundromat, as well as another property valued at $3.5 million and only 120k on the mortgage... 1 - Is it possible to get a deal done with the owners occupying one of the units? 2 - Is 65% / 2 million a realistic LTV? Any help is greatly appreciated in advance. Thanks
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01-11-2019, 01:34 PM #2
- Join Date
- Jun 2017
- Posts
- 119
I would reach out to the guys at World Business Lenders. If you need a name and number for someone to contact, let me know.
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01-11-2019, 01:57 PM #3
- Join Date
- Jun 2016
- Location
- Tampa, FL
- Posts
- 180
Are they open to refinancing the other property you mentioned that is worth 3.5M? If so, what kind of property is that and where is it located?
WBL will offer factor rates of 1.40-1.60 (sometimes higher) based on the cashflow of the business using the property as collateral. Your client more than likely wants a traditional refi/cashout mortgage.
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01-11-2019, 02:58 PM #4
- Join Date
- Sep 2018
- Location
- New York City, NY
- Posts
- 14
The other property is a mixed use building 2 stores and 2 apartments, its located in Brooklyn NY just like the 3 unit apt building
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01-11-2019, 03:51 PM #5
- Join Date
- Jun 2016
- Location
- Tampa, FL
- Posts
- 180
Last edited by rdgllc; 01-11-2019 at 08:35 PM.
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01-11-2019, 07:40 PM #6
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01-12-2019, 06:38 PM #7
We would have done this deal if the owner wasn't living in one of the units, and i doubt you will find anyone on this forum that can OO properties unless licensed,
And i dont recommend anyone using WBL for RE transactions, and if you decide to call because its your last option, when the rep tells you they are a hybrid real estate lender, do the following.
Ask them if they can lend off the equity alone?
Answer is: NO
- Ask them what the apr is - i'd be willing to bet the rep wont answer you.
- Ask them if they can offer an interest only loan for 12-24 months.
- Ask them if they can escrow interest reserves.
- Ask if they will allow 70-80% Refi without asking for business bank accounts.
Chances they will answer no to all - real estate lenders like myself only look at a few things and those are.
- property type
- location
- debt on property
- liens outside of the mortgage, and if the owner has or is heading into a bk.
https://www.insourcefunding.net/real-estate-loansLast edited by Jstarr; 01-13-2019 at 06:15 PM.
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
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