Results 1 to 6 of 6
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03-19-2019, 11:29 AM #1
- Join Date
- Sep 2018
- Location
- New York City, NY
- Posts
- 14
Commercial / Residential Properties and Land looking for 125-150k
Have a merchant in the pacific northwest who owns 3 commercial properties, a residential property (owner occupied), and a piece of land. None of the properties are worth big money, but between them there's more than enough equity to pull out 150k. Credit is a little above 600
1 - Only looking for 125-150k, I've had some guys tell me they wouldn't bother at such a low amount borrowed. Worth the time? will someone do it?
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03-19-2019, 01:23 PM #2
- Join Date
- Jan 2018
- Posts
- 92
Have you tried WBL?
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03-19-2019, 01:55 PM #3
- Join Date
- Sep 2018
- Location
- New York City, NY
- Posts
- 14
No, I like the property owner.
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03-19-2019, 02:03 PM #4
- Join Date
- Jun 2016
- Location
- Tampa, FL
- Posts
- 180
You can try collateralizing the properties and going through Lift Forward or NewTek if their business (if they have a business) is cashflow positive and meets the lenders' other criteria.
Also, depending on the values and current balances of each of the commercial properties, you may be able to secure a refi/cash out. However, and I've told others on here this that ask for real estate advice, if you go the latter route, I suggest working with a mortgage broker. Real estate (mortgages) is a whole other ball game.
We've had approvals as low as $30,000 but other factors have to line up for it to go through. Feel free to message me if you're interested in discussing further.Last edited by rdgllc; 03-19-2019 at 02:12 PM.
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03-21-2019, 10:10 AM #5
Curious, why would you send ANYONE to WBL for a real estate loan?
WBL can't offer rates starting at 7% ( interest only) with monthly payments.
WBL won't lend on real estate only.
WBL wants income verification to qualify a deal - true hard money lenders don't.
WBL might be good for mca's ( collateralized by property) If you've exhausted all your options, and you are not concerned about repeat business with your client.
This deal is to small for us, but if you call me - I'll give you the number to someone who will provide you ( Good rates, Monthly payments, 12-24 month term.)
Last edited by Jstarr; 03-22-2019 at 03:52 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
◆ 90% CLTV on Purchases
◆ Investment Residential / Commercial Properties
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03-22-2019, 08:21 AM #6
- Join Date
- Feb 2017
- Posts
- 3,411
Simple answer: 2ND POSITIONS
WBL would be able to do the loan in the cases that you rejected for those reasons.
Specialized properties, land-only, etc.
Also horrible credit situations, and they can provide 2nd positions. I let WBL win a deal someone was trying to send me when I realized that the full re-fi would cost the client (a) time (b) money in the amortization when they refinanced the hard money loan in a year [they were already several years into the loan] (c) the bank in a year would take FOREVER to refinance and do a new first (d) the bank would need a full appraisal in a year (e) the bank might require DSCR.
Also, not to mention criminal background and default on MCAs and horrible business credit that would prevent the bank from moving forward.
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