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  1. #1

    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?

  2. #2
    Senior Member Reputation points: 226631
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    There aren't too many lenders on this board that will respond. However, you'll have a bunch of co-brokers like myself who would be happy to assist. Most hard money lenders won't care too much about the seller holdback either. Let me know if I can be of assistance.

  3. #3
    Senior Member Reputation points: 72961 Olderguy's Avatar
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    Borrower has no capital contribution....he has a contract that any guy on the street could have. I have a lender who can allow any amount of seller contribution, but not carry back.... I wouldn't consider this with no skin in the game by the borrower.
    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.

  4. #4
    Senior Member Reputation points: 16709
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    So your borrower wants a lender to carry 100% of the risk no owner cash contribution. You need an investor not a lender

  5. #5
    Senior Member Reputation points: 72961 Olderguy's Avatar
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    Quote Originally Posted by omegafund View Post
    So your borrower wants a lender to carry 100% of the risk no owner cash contribution. You need an investor not a lender
    No, he needs a therapist.
    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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