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  1. #1
    Senior Member Reputation points: 5448
    Join Date
    May 2018
    Posts
    200

    WBL Alternative

    Any WBL Alternatives?
    Charles Frazier
    President
    Sapphire Capital Group
    p: 917-781-2232
    m: 917-783-5634
    w: www.Sapphirecapgroup.com

  2. #2
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,083

    Yes...

    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
    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.

    Only other issue is that I can't do a primary residence...unless in CA.
    Last edited by Olderguy; 05-03-2023 at 02:33 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.

  3. #3
    Senior Member Reputation points: 16709
    Join Date
    Jul 2014
    Location
    Jackson Hole Wy
    Posts
    717

    Quote Originally Posted by Wheetie View Post
    Any WBL Alternatives?
    Quote Originally Posted by Wheetie View Post
    Any WBL Alternatives?
    Yes we offer real private money and hard money loan. Commercial, investment, land case by case. No residential or OO
    $350,000 - $25M
    9-16%
    12-48 month terms
    Terms depend on location, property type, other criteria.

    Most states

    bzuniga@omegafund.com
    www.omegafund.com

  4. #4
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,083

    By the way:

    I can do 24 month bridge interest only

    10 year interest only, 20 year amortized

    30 year amortized.

    The 10 year interest only and 30 year fixed have 5 year prepayment penalty 5,4,3,2,1
    which can be bought down to 1 year at a cost of 1%.
    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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