[allfunds]

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

[mbernier]

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.

[rdgllc]

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

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?

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.

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.

[allfunds]

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

[rdgllc]

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

I can do the o/o apartment building, but it would only be a bridge loan, 10-12%. However, I can do the mixed-use building more easily and with long-term financing, 5-8%. I sent you a PM. Feel free to reach out to discuss further.

[DTFdowntofund]

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

I can help you get them a term loan / LOC. Rates in the high teens - low 20s. PM me.

[Jstarr]

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-loans