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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: 67900
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    Florida
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    1,690

    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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    Oct 2014
    Location
    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: 126544
    Join Date
    Feb 2017
    Posts
    2,136

    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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    Nov 2014
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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

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