[Fundyman]

This one needs money ASAP, like 7-10 literal days.
Avg. $135K/mo on banks
Real Estate value: $575K; loan balances: $190,000; approx equity available: $212K (@ 70% LTV, being conservative)
Location: North Carolina

Guy wants $450K term loan with no less than 2 years to repay; 4 yrs preferred. Monthly payments.

Ready to pledge RE as collateral, but prefers 2nd position unless you can make hard money happen at rate lesser than 10% without upfront money.

Anybody knows where I should take this deal?

[abfunders]

Primary residence or investment/office space?

[omegafund]

He wants 450k on a 575k value. That is higher than 70%. Most hard money goes 65% depending on the property type and cashflow.

[kcalderonwbl]

We would only be able to provide the $200K at either daily or weekly payments here at WBL if you're interested in giving your client that option. Feel free to shoot me an email kcalderon@wbl.com

[Sachip24]

a 590 fico telling you what they want term loan nothing less then 2 years to repay monthly payments, or hard money no points under 10% ??????.... not what people want, its what they qualify for. In this scenario what they want is a unicorn. Now if you break it down and tell him he doesn't qualify for any of that, then you have a lot more options to work with. He does qualify for prob something in the 18 month range from ONdeck for example that will give you maybe 200k and give him a second position somewhere else for the difference. At same time put file in for SBA (since those take long time to close) you can consolidate everything 1st and 2nd in couple months with the SBA and then he will have what he wants (long term, monthly payments, low rates) while at same time getting him money he needs right now and you make some nice coin all together. But as for a term loan right now with what you stated I highly doubt you will find it. Another option is get him an ABL facility since he is an wholesaler. If he has enough showing on his aging report that might be the best route given your time frame and his requests.

[evgfunding]

Some good information was already provided on this thread. As an alternative to a term loan, if your client has good receivables then they may be better off looking into a factoring deal. Their real estate value, equity, and personal credit won't come into play nearly as much and they won't have to worry about frequency of payments. Depending how clean their A/R is and what their payment terms are, I would estimate that they could have a couple hundred thousand outstanding based on their annual revenue which could get them by with their initial funding, and then ongoing of course.

Feel free to reach out if your client wants to look into this, we would love to be able to see if we can fund this one for you.

[rdgllc]

a 590 fico telling you what they want term loan nothing less then 2 years to repay monthly payments, or hard money no points under 10% ??????.... not what people want, its what they qualify for. In this scenario what they want is a unicorn. Now if you break it down and tell him he doesn't qualify for any of that, then you have a lot more options to work with. He does qualify for prob something in the 18 month range from ONdeck for example that will give you maybe 200k and give him a second position somewhere else for the difference. At same time put file in for SBA (since those take long time to close) you can consolidate everything 1st and 2nd in couple months with the SBA and then he will have what he wants (long term, monthly payments, low rates) while at same time getting him money he needs right now and you make some nice coin all together. But as for a term loan right now with what you stated I highly doubt you will find it. Another option is get him an ABL facility since he is an wholesaler. If he has enough showing on his aging report that might be the best route given your time frame and his requests.

"a 590 fico telling you what they want term loan nothing less then 2 years to repay monthly payments, or hard money no points under 10% ??????.... not what people want, its what they qualify for. "

my exact thoughts when reading this.

[Fundyman]

Primary residence or investment/office space?

Only SFR rentals. No Primary.

[Fundyman]

"a 590 fico telling you what they want term loan nothing less then 2 years to repay monthly payments, or hard money no points under 10% ??????.... not what people want, its what they qualify for. "

my exact thoughts when reading this.

Of course, but the full story makes sense to someone who has options to begin with; not just speculation. Everybody who knows sales knows that "it's not what they want, but what they qualify for."

That's basic MCA101, when a guy would tell me he needed funds, I'd come back w/ a 1.499 & tell him "it's what you qualify for, Billy!" & then he'd show me the contract he signed @ a 1.27 about a week later...

I'm looking for someone who can do this deal and has OPTIONS. Then, we can go into the details.

[Fundyman]

Some good information was already provided on this thread. As an alternative to a term loan, if your client has good receivables then they may be better off looking into a factoring deal. Their real estate value, equity, and personal credit won't come into play nearly as much and they won't have to worry about frequency of payments. Depending how clean their A/R is and what their payment terms are, I would estimate that they could have a couple hundred thousand outstanding based on their annual revenue which could get them by with their initial funding, and then ongoing of course.

Feel free to reach out if your client wants to look into this, we would love to be able to see if we can fund this one for you.

Great insight, except this guy doesn't really deal w/ receivables. He gets paid ACH on transactions; doesn't leave receivables out. I asked him already. I wouldn't even need help on this file!