Since this client is in the Real Estate/Property Management business, do they own any properties that have equity?* It might be possible to pay off their existing loan balances with a mortgage.* Even if it was a Hard Money mortgage, you could get a 5 year loan at 9% with interest only monthly payments.* *
It appears the total amount currently owed is $269,276.* You would probably need $300,000 to cover all loan costs.**
Loan Amount - $300,000*
Interest Rate - 9%*
Interest only monthly payment - $2250
Term - 5 years
Feel free to give me a call and I can walk you through this.* It may work on another deal you have, if not this one.* **
*
Todd Christensen
President
Carter Cole Holdings LLC*
Commercial and Private Lending Solutions*
Direct - 321-689-2966
Email -*cartercoleholdings@gmail.com