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  1. #1
    Senior Member Reputation points: 34509 Jstarr's Avatar
    Join Date
    Nov 2014
    Location
    South Florida
    Posts
    838

    collateral property - looking for 1 million dollars .

    Broker : I have a client that has an ocean front penthouse condo with panoramic views in south fla worth 1.7 million free and clear

    A 70,000 Sq ft storage facility worth 3 million with tenants - free and clear

    A 32,000 sq ft manufacturing facility that makes tinsel - with equipment valued over 1 million - free and clear

    Total of 5 million in assets .

    He's looking for 1 million dollars - problem is he is a sole prop.. and doesn't show W2 for income but is willing to collateralize property.
    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

  2. #2

    collateral property - looking for 1 million dollars .

    That's a hard money loan all day, I can do it.

  3. #3
    Senior Member Reputation points: 983 Joseph Esparza's Avatar
    Join Date
    Mar 2014
    Location
    Manhattan, New York
    Posts
    162

    This is a Super Jumbo, Cash-Out Refi. A Conventional Lender won't touch it unless he is in contract for another property of equal or higher value. If his credit does not exceed 700+ Fico he will have to demonstrate income to achieve a low rate. Anyone looking for that kind of money, will likely appreciate a long term loan with no pre-payment penalty. It must also be his primary-property, to which I believe someone whose achieved this kind of Real Estate, already knows.
    Is he dismissing this option completely and only looking for an MCA?
    Joe Esparza
    FUNDKITE
    "FinTech High-Risk Funding Table"
    joseph.e@fundkite.com | 929.999.2700x1008

  4. #4
    If you still need a home for this one please get in contact with me!
    Erin Dreselly

    World Business Lenders
    81 Market Sq., Suite 7
    Newington, CT 06111

    Direct: 860-549-2419
    Cell: 860-692-4636
    Fax: 860-499-5413
    Email: edreselly@wbl.com
    Web: www.wbl.com

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