Helping Brokers...part 2
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  1. #1
    Senior Member Reputation points: 72398 Olderguy's Avatar
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    Helping Brokers...part 2

    Ok....see if this is within the forum guidelines

    If any of you brokers need FREE HELP on any loans, reach out and I'll give you some guidance about loan products, guidelines and qualifications.

    Any of you have a problem with that?
    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.

  2. #2
    Senior Member Reputation points: 28835
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    If only you could put it where it belongs, promotions.
    Let's be honest. It is "free". You are still going to charge something to broker a deal.

  3. #3
    Senior Member Reputation points: 72398 Olderguy's Avatar
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    Nope...just free advise....I do it all the time....brokers just want help and advise...

    Mostly real estate, but also SBA and and other options too - they just don't know guidelines and if people qualify or not.

    So here's a start....

    Hard money property loans...

    You can go full income documentation - requires income tax returns and pay stubs

    SISA - Stated Income Stated Assets..you put in income that is basically fits within your job description.

    NoDoc - no income documentation required.

    DSCR - Debt Service Coverage Ratio....some hard money oenders will do that with just lease agreements....this is the lowest rate of the no document loans but it's fixed for 30 years and requires a 5 year prepayment penalty.

    I try NOT to recommend bridge loans for hard money. I think the best option is a 10 year interest only that converts to 20 year amortization. Right now that 10.99% But these have 5 year prepayment penalties that can be bought down to 1 year prepayment penalty with a cost of 1.5%

    DSCR is the 7.25% range 30 year fixed believe it or not. Again 5 year prepay.
    Last edited by Olderguy; 02-16-2024 at 12:04 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.

  4. #4
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    Who is your favorite funders for this NoDoc - no income documentation required?

  5. #5
    Senior Member Reputation points: 72398 Olderguy's Avatar
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    I have about 20 different ones. Depends on the scenario.

    Here's one source:

    https://privatelenderlink.com/search/

    Another:

    https://www.funderintel.com/top-comm...estate-lenders

    Scotsmans guide is another although I have not had good luck with them...I might sent email to 6 - 7 lenders that come up in a search and I'm lucky if I hear from just one
    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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