Steve from Pro Biz is the guy to go to for Real Estate
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  1. #1

    Cool Steve from Pro Biz is the guy to go to for Real Estate

    I approched Steve in February with a very complicated real estate deal and after 4 months we just closed on it.

    I know a lot of ISOs come here to look for real estate lenders or people that can help and I am just writing this to let people know that he is trustworthy and will work day and night to help you get the deal done.

    It was a pleasure to work with you Steve we will definalty do more business in the future.

  2. #2
    Senior Member Reputation points: 78889 Olderguy's Avatar
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    Irvine, CA
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    Thanks Marcel...guy had a LOT of MCA loans - was over leveraged.....

    The difficulty on this deal is that it was mixed use property on Hawaii and all the lenders turned it down due to lack of comparable sales in the area.

    Here's the original thread.

    https://dailyfunder.com/showthread.p...ositions-1-25M

    I was able to contact a local real estate agent who looked up the tax assessor valuation and recontacted lenders of which one did bite. Original LOI was $1.34M on $2.4M valuation....55% LTV

    Appraisal took almost two months even paying a $4,500 expedite fee over the normal $4,500 initial fee.

    Issues were payoffs kept getting higher and higher as the loan took three months.

    One issue was a $150,000 lien by ex wife. Here's how I handled that...had the borrower give the ex-wife a personal note for $130,000 and only paid her $20K out of the loan.

    Another issue that came up was appraisal came in lower than expected and lender refused to raise the loan amount and allow a higher LTV to cover all the pay offs. So we were stuck at 55% LTV and weren't able to pay off all the MCA loans.

    Got 3 points on the deal - $36,300 - of which I sent Marcel $18,150 as a 50% fee split.

    With 6 months of improved bank statements, how to get him qualified for SBA 7A in January for another $350,000.
    Last edited by Olderguy; 07-11-2022 at 12:50 PM.
    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.

  3. #3
    Senior Member Reputation points: 78889 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,350

    Checking with Marcel....reduced his payments by $28,000 a month.
    Last edited by Olderguy; 07-22-2022 at 10:18 PM.
    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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