Results 1 to 7 of 7
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04-08-2022, 12:01 PM #1
- Join Date
- Jun 2018
- Posts
- 7
Commercial Property - Cash out REFI on recent Ch. 11 Bankruptcy?
Hey guys,
Do you know of anyone (hard money lender is fine) that will do a cash out on a commercial property in IL? Property is worth around $2-2.5MM. Filed for ch 11 due to the pandemic, owes bank around $1MM.
Any thoughts?
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04-08-2022, 01:07 PM #2
The lender is going to ask "How are you going to make the payments" and "what is the exit strategy". And "Are you current with your payments to the current lender"? Did you try and make a forbearance agreement with the current lender?
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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04-08-2022, 01:25 PM #3
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
Um....you would have to be in some form of forbearance or agreement before CH11. Even if you found a lender to finance the property it would have to be approved by the court. They would be better served hiring an advisor that truly know the community of lender that will do the deal AND be able to walk it through the court system.
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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04-08-2022, 04:56 PM #4Steve 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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04-12-2022, 11:27 AM #5
- Join Date
- Jan 2022
- Posts
- 42
Has this borrower exited chapter 11? Our group wants at least a year exit from BK but there may be exceptions depending on circumstances.
Dan WallaceSVPEnterprise BankNational, direct SBA lenderFast and creative financing solutions970-390-6650dwallace@enterprisebank.com
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04-13-2022, 03:36 PM #6
- Join Date
- Sep 2015
- Posts
- 2
I know a few hard money lenders that do crazy deals. Depends on if the deal appeals to them. Reach out to me if he wants me to shop the deal.
Ron Goodman
Commercial Mortgage & Loan Origination's* * -* *Nationwide
Havilah Funding Network
p:662-546-0811**m:*228-243-5467*
w:www.havilahfundingnetwork.com**
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04-19-2022, 01:49 PM #7
Chapter 11 exit financing can be done via hard money. Let me know when they are ready for that.
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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