Results 1 to 4 of 4
-
09-26-2023, 08:52 PM #1
- Join Date
- May 2023
- Posts
- 2
CELOC (Commercial Equity Line of Credit)
I have a client who has close to 2MM-3MM of Real Estate that he owns outright and is Mixed-use. He wants to obtain capital for more property acquisitions. I explained that a Cash-out refi may be a better option but he is stuck on the LOC. The two properties are 100% occupied. Has anyone done a CELOC before? If so what lender would you recommend?
-
09-26-2023, 10:55 PM #2
- Join Date
- Oct 2022
- Posts
- 295
I would recommend the potential for an Asset Based Lending (ABL) which would be a synthetic version of a revolver with a lien against your real estate.
Elon Henek
HCI - Glen Cove, NY
Main: 1-516-676-1854
Cell: 1-516-236-4086
-
09-26-2023, 11:12 PM #3
- Join Date
- May 2023
- Posts
- 2
Do you have any recommendations beyond WBL?
-
09-26-2023, 11:25 PM #4
Cash out refi runs a bit less than 1% a month interest only fixed for 10 years.
WBL and Ironwood can't compare with their costs. And they max at 65% LTV I believe.
Your client needs to face realty.
Take the max cash out which is running 75% LTV and use what they needs and bank what they don't use.
BTW - mixed use isn't commercial...it's a type of dwelling that is unique in of itself. Biggest issue in financing mixed use is finding comparable sales in the area....it's a difficult scenario to fund because of that. Still fundable though. I did one in Hawaii...had one lender do it as all other passed. Paid off 5 MCA's. $1.1MLast edited by Olderguy; 09-27-2023 at 12:19 PM.
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.
Similar Threads
-
Any lender for a fast RE backed (Biz Prop) line or term,200k equity, need 100k
By Emccusker0803 in forum Deal BinReplies: 8Last Post: 03-22-2022, 03:33 PM -
Doctor with Collateral seeking equity line of credit.
By CashAdvanceKing in forum All Other LendingReplies: 4Last Post: 05-21-2019, 02:03 PM -
Equity Cash Out Option Commercial Property 1.5MM of equity?
By Skytop in forum All Other LendingReplies: 6Last Post: 05-23-2017, 08:51 PM -
Home Equity Line of Credit (Bridge to a Business)
By Love kaisei in forum Deal BinReplies: 7Last Post: 02-28-2015, 08:05 AM -
Home Equity Line of Credit (Bridge to a Business)
By Love kaisei in forum Merchant Cash AdvanceReplies: 2Last Post: 02-23-2015, 06:24 PM