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  1. #1
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Irvine, CA
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    Better option than World Business Lenders...

    Broker brings me a file with a WBL offer.

    New York Italian restaurant
    $1.2M hard money loan that balloons in February, 23
    585 Fico

    He needs:

    $1,200,000 to pay off hard money loan
    $250,000 for sales tax
    $150,000 real estate tax
    $30,000 credit cards
    $75,000 cash out
    $250,000 inventory (fresh seafood, etc)

    Total $1.955M

    WBL offer:
    $2M
    24 months
    24% Interest
    $38,611 a month payment
    Guaranteed interest $925,667
    3% broker fee

    My loan offer LOI:
    $2.1M new hard money loan
    NoDoc loan - no documentation required
    12 months but could extent to 18 - 24 months after underwriting
    or additional 12 months renewal at 1% cost.
    10.99% Interest Only - determined at closing
    6 months prepay penalty
    12 month payment reserve - no payments for 12 months.
    3% broker fee

    The exit strategy is to get him into a SBA 7A for his business and a 30 year commercial property loan to take this loan out within 12 - 24 months.

    His finances support both of these long term and we need to work together to make it happen.

    Yeah he may need a larger loan amount. Or stay with a payment plan on the tax debt. It's up to 60% LTV and the appraisal will determine what we end up with after underwriting review.

    Buttonwillow 11-13, me, my bike and my truck.jpg
    Last edited by Olderguy; 12-18-2022 at 03:22 PM.
    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.

  2. #2
    Senior Member Reputation points: 1755
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    How can he enter into the SBA with tax liens? I would agree with you about your approach but it sounds like the merchant should initially pay off the tax liens then go through the SBA process.

  3. #3
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Quote Originally Posted by Ehenek View Post
    How can he enter into the SBA with tax liens? I would agree with you about your approach but it sounds like the merchant should initially pay off the tax liens then go through the SBA process.
    They would be paid off with this loan. And he has a payment plan now.
    You can do SBA with a payment plan as long as it isn't payroll taxes.
    Doesn't qualiy for SBA with 585 Fico and current financials.
    The plan is to get him there in 12 - 24 months.
    Last edited by Olderguy; 11-18-2022 at 10:32 AM.
    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.

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

    I'm bumping this because several of you have contacted me for more information now that WBL isn't funding. Reach out if you need help or assistance.
    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.

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