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  1. #1
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    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.

  2. #2
    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.

  3. #3
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    Quote Originally Posted by thesmartermerchant2020 View Post
    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/
    A consumer loan for $1.5million dollars with a 550 score? What?

  4. #4
    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/

  5. #5
    Senior Member Reputation points: 752
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    Quote Originally Posted by thesmartermerchant2020 View Post
    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/
    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.

  6. #6
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    Quote Originally Posted by aak723 View Post
    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.
    Is there sufficient equity in the other properties to cover the down payment? Does the multi family cash flow for debt service?

    We have a bridge product that might work..

  7. #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

  8. #8
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    Quote Originally Posted by aak723 View Post
    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.
    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

  9. #9
    Transaction fits my CRE product. Please reach out if interested.

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