Need a Funder or Vendor? START HERE

Results 1 to 5 of 5
  1. #1

    2 Mil in asset collateral. Looking for 500k-1M

    Looking for 500k-1M, willing to put up payed off land thats valued at 2 MM. Looking for payback at 5 year monthly payments. 683 credit. Whats the best place to go with this?

  2. #2
    Senior Member Reputation points: 22187 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    549

    Land hard money usually 50% LTV. But 2 year interest only loan with balloon. You can submit and request longer term. Also you can renew at the end of 2 years. Investors aren't too interested in land deals. What's the use of funds and do they have the deposits. They will probably require 12 months to 24 months prepay payments taken out of proceeds and put in escrow when it funds...be aware of that. If you want I can package it and submit it. Typically get 3% and split with broker. Oh thought I'd add - it is taking appraisers 1 1/2 months on appraisals. Even if you pay an expedite fee.
    Last edited by Olderguy; 06-16-2022 at 10:02 PM.
    Steve Benjamin
    Professional Business Loans

    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    949.228.1050

    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 6% and up
    @ Equipment financing up to 6 years
    @ Property loans - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Homeowner loan 2nd position- 15 year 8.99% no lien
    @ Private money equity and debt for major investments

  3. #3
    Senior Member Reputation points: 22187 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    549

    If they quality can do a 5 year monthly payment term loan at around 18%+, no collateral, don't have to pay off MCA loans and can fund in a week. I just need loan app, driver's license front and back and 4 months bank statements. Need 680 or better Fico and can prequal in an hour or two. Also need:

    1. State of Incorporation
    2. Industry
    3. Business Inception Date:
    4. Current # of Employees
    5. Last 12 months Annual Sales? (Minimum $200K)
    6. Is this a Home-Based business? (needs to be brick and mortar)
    7. Business Phone
    2. Does the applicant rent or own their home?

    Pays 9 - 10 points
    Last edited by Olderguy; 06-16-2022 at 05:37 PM.
    Steve Benjamin
    Professional Business Loans

    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    949.228.1050

    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 6% and up
    @ Equipment financing up to 6 years
    @ Property loans - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Homeowner loan 2nd position- 15 year 8.99% no lien
    @ Private money equity and debt for major investments

  4. #4
    Senior Member Reputation points: 13429
    Join Date
    Jul 2014
    Location
    Jackson Hole Wy
    Posts
    623

    Depending on location of the land we can do it. We fund a lot of land loans. Max 50% LTV

    Benjamin Zuniga
    Omega Funding LLC
    www.omegafund.com

  5. #5
    Smaller land loan deal. Try Setanta https://www.setantadc.com/platform

    Good group of guys - We've pushed deals with them. Like most pre-dev capital providers, geography and strength of sponsor is most important.
    Maxim Yanovich
    Eyzenberg & Co.
    E: myanovich@eyzenberg.com
    C: 305-710-9870

    1200 Brickell Ave, unit 640
    Miami, FL.

Similar Threads

  1. Asset Backed--Artwork Collateral
    By info@nsslending.com in forum All Other Lending
    Replies: 4
    Last Post: 08-05-2019, 12:33 PM
  2. Luxury Asset Collateral Loan
    By fundway in forum Deal Bin
    Replies: 3
    Last Post: 10-02-2018, 06:47 PM
  3. looking for 500k (has collateral)
    By mrcash420 in forum Deal Bin
    Replies: 4
    Last Post: 03-31-2015, 12:44 PM
  4. Collateral / asset based needed
    By SimplyMark in forum Deal Bin
    Replies: 0
    Last Post: 09-02-2014, 09:50 AM
  5. Asset Based Loans / Using items as collateral
    By Sean Cash in forum All Other Lending
    Replies: 20
    Last Post: 07-19-2014, 02:00 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

RidgeStone Capital announces SMB seminars
PayPal announces new business cc
Fundbox hires former Goldman exec


DIRECTORY