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05-28-2024, 04:16 PM #1
- Join Date
- Dec 2023
- Posts
- 48
Owner occupied CRE cash out $100k recommendations
Looking for recommendations for an owner occupied CRE cash out for around $100k, with a quicker turn timeline of a max of a month. Looking for a loan structure, not MCA secured CRE, but can be shorter term of 3-5 years with a monthly payment. Looking to get some cash out without destroying cash flow.
Thanks in advance for suggestions.
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05-28-2024, 05:00 PM #2
- Join Date
- Feb 2017
- Posts
- 3,450
I sent you a lender intro. $100k is a small RE deal, but at least it's certainly a good way to start with any lender.
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05-28-2024, 05:07 PM #3
A lot of hard money lenders just tend to put people in 2 year I/O bridge loans which I discourage. So be aware.
I typically do these NoDoc 10 year fixed Interest Only, then 20 year amortized. 65% Loan to value cash out on CRE. if decent Fico 10.49%. 5 year prepayment penalty 5,4,3,2,1. You can do a prepay buy down to one year at a cost of 1.5%. Lender fee usually 2%.
Reach out.
I always recommend 10 year I/O instead of the typical 2 year bridge with a balloon.Last edited by Olderguy; 05-28-2024 at 05:58 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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05-28-2024, 07:10 PM #4
- Join Date
- Dec 2023
- Posts
- 48
Interesting. Has to be first position or will they take junior?
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05-28-2024, 07:22 PM #5Steve 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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05-28-2024, 11:47 PM #6
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 730
It would be helpful to know the location and type of property.
Any other tenants or 100% owner occupied?
Most funds are not going to go out 3-5 years for 100k. IF the credit is good and equity is there have them go to local bank
www.omegafund.com
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