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01-17-2023, 05:56 AM #1
Need $1.5MM Commercial Loan for Tourist Attraction Project
I can't believe I forgot to put this one the forum... smh...
I have a borrower who pretty much bought a town right about an hour out from Chicago. He wants to expand on a tourist attraction project that includes colonial style entertainment, equestrian activities, & things as such.
The issue is that he has a bunch of little properties that are worth at least $2.6 MM combined. He wants to blanket all of them into one loan for $1.3-1.5 MM, which is well under 60% LTV. Most lenders would do it except they're not up to dealing w/ 28 diffrent titles on one loan.
Who doesn't care & would just do the loan based on the appraisal & asset class? I'm talking hard money no-doc, asset-based loan. Borrower credit is 800+
*This is not a request for an MCA backed by collateral. We need straight asset-based interest-only loan for 12-18 months or so.*
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01-17-2023, 06:07 AM #2
- Join Date
- Nov 2018
- Posts
- 2
I own a real estate brokerage in Chicago. A handful of my clients have used Renovo for blanket-type loans on multiple properties, albeit I've never dealt with 28 at the same time , and they seem to be pretty open and lenient if the numbers line up right. As is with all hard-money loans, its expensive, but they'll extend time if need be. Also try "Do Hard Money" out of Utah (pretty sure they still lend in IL). Worth a call if you haven't talked to those already.
Matt Olszak
847-447-6824
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01-17-2023, 08:08 AM #3
I have a lender that can do a blanket loan hard money nodoc.
Reach out.
I just need SREO with all the properties and Fico.
I'll see if he's interested.
Send it over.
(you have horizontal financing for the land.....then when you get grading, permits and entitlements, you go for horizontal financing which will cover soft costs) That's how construction loans work.Last edited by Olderguy; 01-17-2023 at 09:15 AM.
Steve Benjamin
Professional Business Loans
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https://probizloans.net/
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01-19-2023, 08:13 PM #4
- Join Date
- Sep 2022
- Location
- Lakewood, NJ
- Posts
- 51
A thousand different places would do it.