Results 1 to 5 of 5
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04-25-2023, 10:20 AM #1
Distressed merchant with 600 Fico and can't make payments
Can't make MCA payments, broker put merchant into debt restructure program....
I got a list of his properties and am doing a hard money blanket lien on his properties with a direct lender:
10 year Interest Only loan then amortized 20 years.
16901 A B East Warren Place
Value: $370,000
Loan amount at 65% LTV: $240,000
Less liens:
$73,000
$40,000
cash out: $127,000
2277 South Buckley #102
Value: $195,000
65% LTV: $127,000
Less liens:
$77,200
cash out: $50,000
1514 B South Ouray Cir
Value: $270,000
65% LTV: $175,000
cash out $175,000
1543 B South Ouray Cir
Value: $270,000
65% LTV: $175,000
Less liens: $41,000
cash out: $134,000
1545 B South Ouray Cir
Value: $275,000
65% lTV: $178,750
less liens: $38,200
cash out: $139,750
Loan amount: $895,750
Total cash out: $500,000
less fees: approx: $50K
Approximate net cash out: $450,000
New payment $8,957 a month
Broker fee: 3%
Lender fee: 2%
Reach out if you have questions.
For those who are interested, all I need is a SREO - Schedule of Real Estate Owned - and a Fico score (credit karma is fine). And the amount of cash out needed.
These are running around 1% a month interest only.
So a $150,000 cash out would be $1,500 a month payment.
Email me and I'll send you the SREO form.
https://docs.google.com/spreadsheets...f=true&sd=trueLast edited by Olderguy; 04-26-2023 at 09:02 AM.
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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05-05-2023, 04:20 AM #2
- Join Date
- Oct 2022
- Posts
- 281
Looks familiar......
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05-05-2023, 08:07 AM #3Steve 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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05-05-2023, 11:59 PM #4
- Join Date
- Oct 2022
- Posts
- 281
Wait let me get my bifocals!
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05-06-2023, 10:41 AM #5Steve 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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