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  1. #1
    Senior Member Reputation points: 20458 Fundyman's Avatar
    Join Date
    Dec 2013
    Posts
    710

    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.*

  2. #2
    Quote Originally Posted by Fundyman View Post
    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.*
    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

  3. #3
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,087

    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

    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
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  4. #4
    Member Reputation points: 10
    Join Date
    Sep 2022
    Location
    Lakewood, NJ
    Posts
    51

    A thousand different places would do it.
    Josh Dan
    B2B Funding LLC
    josh@b2bfundingllc.com
    Super Broker
    (347) 794-1592



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