Results 1 to 9 of 9
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02-27-2020, 03:03 PM #1
- Join Date
- Apr 2014
- Location
- Chicago, IL
- Posts
- 185
MultiFamily Commercial Property Acquistion
I have a client who wants to purchase a $1MM - $1.5MM multifamily unit it NC. He has some equity in other buildings that he owns (all residential) but is cash poor and trying to borrow the funds in the form of personal loans to fund the down payment.
Are there any commercial/mezz lenders that won't auto decline because of the down coming from borrowed funds?
Thanks for answering.
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02-27-2020, 03:07 PM #2
- Join Date
- Oct 2019
- Posts
- 49
Have you considered a consumer loan? Needs a 550 fico score or greater.
John Galante
The Smarter Merchant
ISO Relations
C: 347-377-1273
P: 888-262-7171
F: *646-219-2731
www.thesmartermerchant.com
Visit The Smarter Merchant's Facebook page: https://www.facebook.com/groups/thesmartermerchant/Last edited by thesmartermerchant2020; 02-27-2020 at 03:53 PM.
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02-27-2020, 04:01 PM #3
- Join Date
- Apr 2014
- Location
- Chicago, IL
- Posts
- 185
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02-27-2020, 04:12 PM #4
- Join Date
- Oct 2019
- Posts
- 49
I'd have to dive into this scenario outside of this platform. You're more than welcome to call me anytime.
John Galante
The Smarter Merchant
ISO Relations
C: 347-377-1273
P: 888-262-7171
F: *646-219-2731
www.thesmartermerchant.com
Visit The Smarter Merchant's Facebook page:https://www.facebook.com/groups/thesmartermerchant/
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02-27-2020, 04:15 PM #5
- Join Date
- Apr 2014
- Location
- Chicago, IL
- Posts
- 185
Don't understand why you'd have to dive into any scenario outside of this platform. If you can fund $1,500,000 on a consumer loan on a 550 score you should advertise the bejesus out of it. I think a lot of people on here would gladly you send you business.
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02-28-2020, 04:16 PM #6
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 727
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03-05-2020, 11:15 AM #7
My commercial program doesn't require seasoning of funds. Deposit today, use today.
Let's chat if I can be of service.Criton Capital, LLC
12508 W. Atlantic Blvd
Coral Springs, FL 33017
Tel: 786-210-5557
Fax: 786-228-0884
loans@critoncapital.com
www.critoncapital.com
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03-05-2020, 01:00 PM #8
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,946
Is the property Multi-Family or Commercial
$1M or $1.5M is a large difference
What is the Zip Code for the property?
Generally LTV is in the range of 75% to 80%, therefore IF the property is appraised @ $1M, they buyer needs $200K
as a down payment.
Call me to discuss if interested.Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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03-09-2020, 06:10 PM #9
- Join Date
- Feb 2020
- Posts
- 8
Transaction fits my CRE product. Please reach out if interested.
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