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01-25-2024, 11:55 AM #1
- Join Date
- Oct 2020
- Posts
- 79
Asset Based Funders -
Outside of WBL and Ironwood -
any suggestions?
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01-25-2024, 12:22 PM #2
I have dozens of hard money and traditional lenders for real estate that is much better than those two.
In addition I have ABL lenders using A/R, inventory, other assets.
Reach out.
Here's a copy of a previous post I made about beating a WBL offer.
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 thing they can do that I can't is primary residence...but I can do that in Florida and California. I can also ao a Heloc on primary in any state up to 85% lTV with a 650 Fico.Last edited by Olderguy; 01-25-2024 at 02:56 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.
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