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  1. #1
    Senior Member Reputation points: 47246
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    LOC or Hard Money on $ .7 mill building.

    I have a long term client, has a mixed use building he owes $1.7 mill on and it was valued at $4.5mill in 2019.
    Looking for a LOC or something to take some funds out.
    He is currently paying 4.5% with his local bank.

    Any suggestions?
    I put my contact info in here, and
    was bombarded with spam from funders
    if you need to reach me PM me

  2. #2
    Where is building located?
    Drew Matthew
    President Of Business Development
    Infusion Capital Group
    572 Sackett Street
    Brooklyn, NY 11217
    Company: 1 (718) 852-2233
    Direct: 1 (646) 481 4583
    Email: drew@Infusioncapital.org
    www.Infusioncapital.org

  3. #3
    Senior Member Reputation points: 67930
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    Florida
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    Quote Originally Posted by skideeppow View Post
    I have a long term client, has a mixed use building he owes $1.7 mill on and it was valued at $4.5mill in 2019.
    Looking for a LOC or something to take some funds out.
    He is currently paying 4.5% with his local bank.

    Any suggestions?
    2 Quick Questions:- Can we assume he went to his bank and was declined?
    Business Owner understand he will be @ 4.5% - and if so - what rate is he willing to pay?

    **Hard Money will be 9% + as a 2nd mortgage
    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    1-213-825-0179 (Text or Leave Message)
    Office: 727-233-1111

  4. #4
    Senior Member Reputation points: 47246
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    Quote Originally Posted by fundingdaily View Post
    Where is building located?
    Brooklyn NY
    I put my contact info in here, and
    was bombarded with spam from funders
    if you need to reach me PM me

  5. #5
    Senior Member Reputation points: 47246
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    Quote Originally Posted by Yankeeman07 View Post
    2 Quick Questions:- Can we assume he went to his bank and was declined?
    Business Owner understand he will be @ 4.5% - and if so - what rate is he willing to pay?

    **Hard Money will be 9% + as a 2nd mortgage
    No, he has not gone to his bank. And yes I explained hard money would start at 8%. I know most hard money lenders will not take 2nd position, that is what i was entertaining the heloc.
    I put my contact info in here, and
    was bombarded with spam from funders
    if you need to reach me PM me

  6. #6
    Senior Member Reputation points: 26502
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    Naples, FL
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    Dan Page just dropped a LOC program for commercial property (7.5%-9%, must draw atleast 50% upfront). He's the man. Boulder Equity. You've been around; I'm sure you have his number - but if not, PM me!

  7. #7
    Senior Member Reputation points: 47246
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    Quote Originally Posted by Steven_O View Post
    Dan Page just dropped a LOC program for commercial property (7.5%-9%, must draw atleast 50% upfront). He's the man. Boulder Equity. You've been around; I'm sure you have his number - but if not, PM me!
    yes i do, i will give him a call thanks.
    I put my contact info in here, and
    was bombarded with spam from funders
    if you need to reach me PM me

  8. #8
    Senior Member Reputation points: 129543
    Join Date
    Feb 2017
    Posts
    2,171

    Dan's product is "structured" and first position only
    Micah Markowitz | mmarkowitz@abfunders.com | 855-33-GO-ABF (direct)

  9. #9
    Senior Member Reputation points: 34098 Jstarr's Avatar
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    South Florida
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    815

    Quote Originally Posted by skideeppow View Post
    I have a long term client, has a mixed use building he owes $1.7 mill on and it was valued at $4.5mill in 2019.
    Looking for a LOC or something to take some funds out.
    He is currently paying 4.5% with his local bank.

    Any suggestions?
    call me.
    Jerry Starr
    Insource Funding
    433 Plaza Real, Ste 275 Boca Raton, Fl 33432
    P: 800-805-3391 Fx: 561-270-6895
    Jerry@insourcefunding.net | insourcefunding.net

    WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL

  10. #10
    Quote Originally Posted by skideeppow View Post
    I have a long term client, has a mixed use building he owes $1.7 mill on and it was valued at $4.5mill in 2019.
    Looking for a LOC or something to take some funds out.
    He is currently paying 4.5% with his local bank.

    Any suggestions?
    Do a refi cash out at around 6% or so.
    Mike Lewis - commercial real estate loan broker / owner
    No up front fees loan broker
    Commercial real estate loans: Acquisition, refinance, construction and FAST bridge loans from $200k +

    tel/voicemail: 937-964-5355
    cell/voicemail: 440-637-5646
    corporate email: mikelewis@michaellewisgroup.com

    www.linkedin.com/in/cigarmike

    Veteran Owned

    WE CO-BROKER with an even 50/50 split and we both get paid by wire at close.

    We issue a combination mutual NDA / fee split, you introduce your CRE clients to us stating simply we handle your commercial real estate loans, we take it from there and keep you in the loop. When a loan you referred closes, you get paid at close by wire.If you can work with that please do not hesitate to contact us. Our loan forms are vanilla with no company name.

    On Facebook @creloan

    https://www.facebook.com/creloan/#

    Visit our Page at fb.me/creloan

    Michael Lewis Group Commercial real estate loans

    http://michaellewisgroup.com/index.html

    Loan Matrix

    Forms

    About Us

  11. #11
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