[leocapgroup]

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.

[Olderguy]

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.

[Olderguy]

Checking with Marcel....reduced his payments by $28,000 a month.