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12-06-2021, 09:46 AM #1
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- Join Date
- May 2020
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- 54
Looking for an asset-based loan lender
I have a proven investor who has contracts on a property in Georgia as well as one in California.
The Georgia property is a $2.8 million purchase with the seller to carry back $1.5 million. There are two buildings on the property. One is an empty warehouse and one is an operating restaurant.
The California property is a $15 million purchase. The seller needs $8 million with the seller's carrying back of 7 million.
He is looking for and wants to develop a long-term relationship with a true asset-based loan lender who will do all of his deals with the buildings being the collateral. He wants first position loans to 60% of the appraisal and which allows the seller to carry a second position behind the first. Not too much paperwork. He said he would also look at a bridge loan of one to three years, if possible.
He has a high number of properties ready to go after these two.
Any lenders interested?
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