Results 1 to 4 of 4
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05-23-2023, 05:18 PM #1Senior Member
Reputation points: 23085
- Join Date
- Nov 2013
- Posts
- 597
Re collateral loans
Is WBL funding again? Anyone has a solid rep there?! I have a non-conforming SFR deal for a merchant with big MCA balances. Seems like a WBL deal all day.
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05-23-2023, 05:53 PM #2Senior Member
Reputation points: 68259
- Join Date
- Sep 2021
- Location
- Irvine, CA
- Posts
- 2,151
I can probably do much better if you want me to look at it.
Better option than WBL:
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.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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05-24-2023, 09:50 AM #3Noob
Reputation points: 252
- Join Date
- Aug 2014
- Posts
- 4
FCF - Yes we are funding and fully operational. I'm a longtime DF observer and 10yr WBL veteran. Please shoot me and email and we can further discuss, thanks.
John O'Donaghue
Senior Vice President, Sales Manager
WBL California, LLC, a Licensed California Finance Lender and Broker
#60DBO-41841
World Business Lenders, LLC
P.O. Box 479
Elmsford, NY 10523
Direct: (212) 293-8207
Email: jodonaghue@wbl.comLast edited by johnodonaghuewbl; 05-24-2023 at 09:53 AM.
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05-27-2023, 09:40 AM #4Member
Reputation points: 28
- Join Date
- Dec 2015
- Location
- NYC
- Posts
- 8
Originally Posted by johnodonaghuewbl
There goes my boy. What up J
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