[Emccusker0803]

I am looking for a lender who will do RE collateralized $500-600k MCA or Hard money. Need 18 month term. $4.7 million equity. The complex was purchased in late July for $13.3 mill, First mortgage for 9.7 mill,, Need immediately. Appraisal done, Revs in August $500k,, July and June $140k. Strong scores,,

[Olderguy]

He current loan to value is 75%. Most lenders have seasoning for hard money. Some private money guys have no seasoning...but, they are keeping close to the vest nowadays. Hate to suggest Ironwood or WBL.

[Emccusker0803]

Thanks Steve

[abfunders]

WBL will only go up to 65% CLTV. Ironwood probably won't do much more either.

[Olderguy]

Primary residence loan amount and value?
Any investment property?
Personal loan if Fico 700+
Any equipment or other assets would get an asset based loan?
A/R aging?
Purchase orders?

[FSB]

So are they looking for hard-money $500-600k plus $4 million equity?


Howie Dane
President

Funding Sources for Business
president@fundingsourcesforbusiness.com

[Emccusker0803]

So are they looking for hard-money $500-600k plus $4 million equity?


Howie Dane
President

Funding Sources for Business
president@fundingsourcesforbusiness.com

Howie, they are looking for 5-600k using the equity as collateral

[Yankeeman07]

I am looking for a lender who will do RE collateralized $500-600k MCA or Hard money. Need 18 month term. $4.7 million equity. The complex was purchased in late July for $13.3 mill, First mortgage for 9.7 mill,, Need immediately. Appraisal done, Revs in August $500k,, July and June $140k. Strong scores,,

This is a multi-family complex?

You stated strong scores and I'm assuming they have all financials, since they just closed.
I would go for a term loan, not an MCA

[Olderguy]

Howie, they are looking for 5-600k using the equity as collateral

Instead of suggesting a solution, how about doing a complete financial review to see what options are available....Dave and I have both offered some alternative suggestions. Clearly what they want isn't available - they don't qualify....so let's look at what else we can do.