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04-23-2024, 05:25 PM #1
- Join Date
- Jan 2024
- Posts
- 14
Commercial Retail/Restaurant Refinance
Client with three investment Commercial Retail/Restaurant bldgs. looking to refinance out of current 5 -yr. ARM renewed approximately 7 months ago. They are seeking long-term financing (20-30 yr. terms preferred) with no PG. Properties appraised in January 2023 for $12.5MM, and they owe approx. $6MM. Properties are 100 percent occupied, and are located in Tyler, TX.
Please advise if you are interested in funding this asset.
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04-23-2024, 05:38 PM #2
Why are they wanting to refinance out of a 5 year arm only after 7 months? It's just fixed for 5 years with a longer amortization. That's the way commercial loans are underwritten. They probaby already have 20 - 30 year amortization. So I think what you are looking for is a 30 year fixed and this doesn't make any sense. Unless it's a 5 year with a balloon?
Clarify it for me.Last edited by Olderguy; 04-23-2024 at 05:54 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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04-23-2024, 06:32 PM #3
- Join Date
- Jan 2024
- Posts
- 14
Steve,
Thank you for your recommendations, but I am looking for actual lenders and not brokers for responses. I am aware of the questions you posed.
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04-24-2024, 09:43 AM #4
https://www.c-loans.com/
Scotsman's Guide
https://www.scotsmanguide.com/
https://privatelenderlink.com/search/
I have another - so reach out and I'll advise on that one.
And reach out if you need helpLast edited by Olderguy; 04-24-2024 at 11:27 AM.
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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05-01-2024, 07:33 AM #5
- Join Date
- Apr 2019
- Location
- New York
- Posts
- 38
..
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05-01-2024, 10:22 AM #6
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,976
Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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