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10-19-2021, 12:30 PM #1
- Join Date
- Feb 2017
- Posts
- 3,456
Personal Records
I just had a record, maybe share some funny records with the stories here?
- Record length of TIB for a company you've dealt with
- Record time to close a deal
- Record times refinanced
- Record low FICO funded
- Largest default
- etc etc etc
Make the story personal so it's entertaining content. I'm sure people do NOT want to hear the standard "We just funded a $1mm reverse for a medical company" that you post to promote your company.
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10-19-2021, 12:40 PM #2
- Join Date
- Feb 2017
- Posts
- 3,456
I'll start: My personal record for "deal worked".
I started working on this file in September 2020. The seller's late husband built the property, didn't want to sell the real estate until after the election, and then when they finally were ready, it took a while to arrange the large amount of LLCs involved. The first major hurdle was the Phase 1 came back that in the 1940s the property was a gas station and took a few weeks to find county records of the removal. Then there wasn't enough liquidity, he had to get his father to cosign and the lender even held back some of the loan. The BIGGEST hurdle was that his accountant, who he had fired a year prior, gave the tax returns to the client, but didn't file them! And the SBA needs 3 years of filed returns, and the IRS is about 5-6 months behind. We had to get his congressman to get involved. Start to finish until I got paid took 13 months. I got paid on Monday.
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10-19-2021, 12:56 PM #3
$250,000 funded SBA 7A for a guy who had a brain tumor. SBA Loan required life insurance which client obviously was not able to obtain. Got a succession letter from him about what would happen to the business if he died. Letter allowed underwriting to waive the requirements for life insurance. Funded $250,000.
Steve Benjamin
Professional Business Loans
522 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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