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  1. #1
    Member Reputation points: 31
    Join Date
    Apr 2017
    Location
    Orange County, CA
    Posts
    90

    Need to Refinance World Business Lenders / WBL type of deal?

    We are a small broker shop looking to expand our partnership referral network with other brokers who want to get more residential real estate-backed deals done.

    If you have clients struggling with a World Business Lender "loan" on their real estate or clients who are simply over-leveraged and have real estate to utilize we would like to work with you to get a deal done.

    If the LTV and credit combination is right we can help you refinance your client in 2-6 weeks. Our mortgage team works primarily in CA, WA, TX, and Arizona but can network out to many other states depending on the quality of the deal.

    Utilize our experienced mortgage team to help you get some deals done without bogging down your time. The usual Mortgage offer is 25-30 years, 4-7%, none mortgage options (unsecured or asset-based) are 4-5 Years 9-18%.

    We have partnered with a few other shops/brokers to get some deals done and are happy to provide references to anyone serious about working with this particular type of deal.

  2. #2
    Hello,
    I am actually looking for a new place to send my asset based loans to. I have a deal right now in IL. The client is looking for 50k. He does have over 1mil. In real estate and 800+ credit. Is this something you would consider? I have dealt with WBL in the past who is now closed. So I need a new asset based lender. If this is something you think you can do or if you know if any asset based lenders please let me know.

    Thank You…..

  3. #3
    Maxim Commercial Capital for ABL with Real-estate

  4. #4
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,087

    Reach out to me on this....

    I have 32 property lenders

    Better option than WBL....

    Broker brings me a file with a WBL offer.

    New York Italian restaurant
    $1.2M hard money loan that balloons in February, 23
    585 Fico

    He needs:

    $1,200,000 to pay off hard money loan
    $250,000 for sales tax
    $150,000 real estate tax
    $30,000 credit cards
    $75,000 cash out
    $250,000 inventory (fresh seafood, etc)

    Total $1.955M

    WBL offer:
    $2M
    24 months
    24% Interest
    $38,611 a month payment
    Guaranteed interest $925,667
    3% broker fee

    My loan offer LOI:
    $2.1M
    NoDoc loan - no documentation required
    12 months but could extent to 18 - 24 months after underwriting
    or additional 12 months renewal at 1% cost.
    10.99% Interest Only - determined at closing
    6 months prepay penalty
    12 month payment reserve - no payments for 12 months.
    3% broker fee

    The exit strategy is to get him into a SBA 7A for his business and a 30 year commercial property loan to take this loan out within 12 - 24 months.

    His finances support both of these long term and we need to work together to make it happen.

    Yeah he may need a larger loan amount. Or stay with a payment plan on the tax debt. It's up to 60% LTV and the appraisal will determine what we end up with after underwriting review.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  5. #5
    Senior Member Reputation points: 18328
    Join Date
    Oct 2013
    Location
    Designer
    Posts
    569

    Quote Originally Posted by Olderguy View Post
    Reach out to me on this....

    I have 32 property lenders

    Better option than WBL....

    Broker brings me a file with a WBL offer.

    New York Italian restaurant
    $1.2M hard money loan that balloons in February, 23
    585 Fico

    He needs:

    $1,200,000 to pay off hard money loan
    $250,000 for sales tax
    $150,000 real estate tax
    $30,000 credit cards
    $75,000 cash out
    $250,000 inventory (fresh seafood, etc)

    Total $1.955M

    WBL offer:
    $2M
    24 months
    24% Interest
    $38,611 a month payment
    Guaranteed interest $925,667
    3% broker fee

    My loan offer LOI:
    $2.1M
    NoDoc loan - no documentation required
    12 months but could extent to 18 - 24 months after underwriting
    or additional 12 months renewal at 1% cost.
    10.99% Interest Only - determined at closing
    6 months prepay penalty
    12 month payment reserve - no payments for 12 months.
    3% broker fee

    The exit strategy is to get him into a SBA 7A for his business and a 30 year commercial property loan to take this loan out within 12 - 24 months.

    His finances support both of these long term and we need to work together to make it happen.

    Yeah he may need a larger loan amount. Or stay with a payment plan on the tax debt. It's up to 60% LTV and the appraisal will determine what we end up with after underwriting review.


    Hi Steve, in that deal, what was the value of the real estate, and how much equity?








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  6. #6
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,087

    It was 60% LTV....
    Last edited by Olderguy; 01-16-2023 at 06:30 PM.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

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