Anyone handle commercial mortgages
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  1. 01-07-2021, 12:55 AM #1
    jjdcnetrex2
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    Anyone handle commercial mortgages

    My merchant who does about 1 million a month doesn't want to take another advance. He however owns his building (worth about 1.5m) and has about 400-500k on his mortgage. Instead of another cash advance he;s looking to refi the property and pull some cash out. Any guys here cant point me in the right direction?
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  2. 01-07-2021, 09:26 AM #2
    Yankeeman07
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    Quote Originally Posted by jjdcnetrex2 View Post
    My merchant who does about 1 million a month doesn't want to take another advance. He however owns his building (worth about 1.5m) and has about 400-500k on his mortgage. Instead of another cash advance he;s looking to refi the property and pull some cash out. Any guys here cant point me in the right direction?

    SBA 7(a) Loan may be an option.
    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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  3. 01-07-2021, 11:31 AM #3
    Steven_O
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    What state? When was the last time he had an appraisal that came at 1.5M?

    Based on this info, he can get approved for up to 800k. Rates are under 12% yearly, closing costs are approx 6%, monthly payment. Closes in about 10 days from the time appraisal comes back. This isn't cash advance, so it doesn't pay 10pts... more like 1pt.... with lots of work in the background collecting documents.

    Let me know if you want to discuss more.

    Steven Ruiz
    Presto Prestamo, LLC
    786-712-4900
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  4. 01-10-2021, 01:54 PM #4
    Yankeeman07
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    Quote Originally Posted by jjdcnetrex2 View Post
    My merchant who does about 1 million a month doesn't want to take another advance. He however owns his building (worth about 1.5m) and has about 400-500k on his mortgage. Instead of another cash advance he;s looking to refi the property and pull some cash out. Any guys here cant point me in the right direction?
    Curious - Did you respond to anyone regarding your post?
    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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  5. 01-25-2021, 09:19 PM #5
    Jstarr
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    What state is it located in ? depending on the location and property type we could offer 75% cash-out.

    Do you know if they have a recent environmental ?



    Quote Originally Posted by jjdcnetrex2 View Post
    My merchant who does about 1 million a month doesn't want to take another advance. He however owns his building (worth about 1.5m) and has about 400-500k on his mortgage. Instead of another cash advance he;s looking to refi the property and pull some cash out. Any guys here cant point me in the right direction?
    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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  6. 01-28-2021, 10:40 AM #6
    Ultimatecloser
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    Hit my inbox I have a program where we can collateralize the property without re-fing. We also can collateralize land also.
    Leverage Capital Associates
    Robb Payne
    Managing Partner
    Direct (561)440-3517
    robb@levcapconsulting.net

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