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  1. #1
    Senior Member Reputation points: 47257
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    Apr 2013
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    Basalt CO
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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
    Chief Executive Officer
    Infusion Capital Group
    40 wall St
    28th floor #2765
    New York, NY 10005
    Company: 1 (718) 852-2233
    Direct: 1 (917)525-9946
    Email: drew@Infusioncapital.org
    www.Infusioncapital.org

  3. #3
    Senior Member Reputation points: 81655
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    Mar 2014
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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, 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

  4. #4
    Senior Member Reputation points: 47257
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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: 47257
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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: 39157
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    Oct 2014
    Location
    Naples, FL
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    471

    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: 47257
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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: 216519
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    Feb 2017
    Posts
    3,334

    Dan's product is "structured" and first position only

  9. #9
    Senior Member Reputation points: 34509 Jstarr's Avatar
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    Nov 2014
    Location
    South Florida
    Posts
    838

    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
    Senior Member Reputation points: 54
    Join Date
    Mar 2016
    Posts
    120

    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.

    Michael Lewis Group Commercial real estate loans

    http://michaellewisgroup.com/index.html

    Loan Matrix

    Forms

    About Us

    Discounted cell phone plans starting at $15 / month. AT&T from $30/mo, T-Mobile from $15/mo, Verizon from $35/mo.

    http://arthodyd.com/d.html

  11. #11
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