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  1. #1
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Location
    Irvine, CA
    Posts
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    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=true
    Last edited by Olderguy; 04-26-2023 at 09:02 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.

  2. #2
    Senior Member Reputation points: 1755
    Join Date
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    258

    Looks familiar......

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

    Quote Originally Posted by Ehenek View Post
    Looks familiar......
    It ought to....hahahaha
    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: 1755
    Join Date
    Oct 2022
    Posts
    258

    Wait let me get my bifocals!

  5. #5
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,087

    Quote Originally Posted by Ehenek View Post
    Wait let me get my bifocals!
    Extra, extra large size...
    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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