Need a Funder or Vendor? START HERE

Results 1 to 7 of 7
  1. #1

    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?

  2. #2
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,087

    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

    1012 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.

  3. #3
    Senior Member Reputation points: 337045
    Join Date
    Mar 2015
    Location
    Rock Ridge
    Posts
    3,453

    Quote Originally Posted by Olderguy View Post
    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?
    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.
    Hedley Lamarr......That's Hedley

  4. #4
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,087

    Quote Originally Posted by Hedley Lamarr View Post
    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.
    I was being a bit sarcastic and suggesting questions that anyone would ask themselves given this scenario......
    Steve Benjamin
    Professional Business Loans

    1012 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.

  5. #5
    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 Wallace
    SVP
    Enterprise Bank
    National, direct SBA lender
    Fast and creative financing solutions
    970-390-6650
    dwallace@enterprisebank.com

  6. #6
    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**

  7. #7
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,087

    Chapter 11 exit financing can be done via hard money. Let me know when they are ready for that.
    Steve Benjamin
    Professional Business Loans

    1012 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.

Similar Threads

  1. Replies: 0
    Last Post: 09-12-2019, 10:44 PM
  2. F&C Commercial Property Refi
    By aak723 in forum Deal Bin
    Replies: 0
    Last Post: 08-16-2019, 12:46 PM
  3. Replies: 5
    Last Post: 02-23-2018, 11:33 AM
  4. Customer with recent bankruptcy
    By Mike Z in forum Deal Bin
    Replies: 3
    Last Post: 04-02-2016, 02:16 AM
  5. Any funders for recent bankruptcy + tax lien?
    By HonestPerson in forum Deal Bin
    Replies: 23
    Last Post: 11-17-2015, 06:37 PM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

SubcontractorHub, Lendica partner
BoA launches business loan marketplace
Quickbooks adds new LOC product


DIRECTORY