Results 1 to 4 of 4
-
06-23-2024, 06:58 AM #1
Colorado Land Refi Needed ASAP
What is the goal you are trying to achieve with the refi? To payoff business debt
Current mortgage balance: 0
Current available equity: 2.4M
Current property value: 2.4M
690 credit score
No other properties to refi
Anyone interested? Lenders only - no other brokers please. DM.
-
06-23-2024, 10:29 AM #2
Lenders for that type of loan typically wouldn't be on a MCA forum...
Reach out if you have trouble with this.Last edited by Olderguy; 06-23-2024 at 10:31 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.
-
06-23-2024, 02:56 PM #3
You aren't going to get a loan on land just to pay off business debt.
So you just want to take cash out?
From the lenders perspective you have to consider if the client doesn't make the payments, how liquid is the asset - and land isn't very liquid. That's how the lenders look at land deals as development makes it a bigger picture project.
Do you have a construction development plan in place?
A lender just isn't going to do a cash out on land without a plan and exit strategy.
Development will need executive summary, business plan, resume of development partners, proforma, exit strategy,
You need grading, permits, entitlements, final map, shovel ready.
30% - 50% LTV on land with up to 100 LTC on development.
https://drive.google.com/file/d/1s-8...usp=drive_linkLast edited by Olderguy; 06-23-2024 at 05:31 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.
-
06-24-2024, 10:27 AM #4
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 730
I have funded millions in land loans this year and plenty in Colorado.
The above Benjamin is correct if you go private money the lender will typically want the funds going back into the project with plenty of documentation and exit, but at a LTV under 30% you may get away with documentation depending on the area.
Client may be better off going to local bank or credit union it will take longer but some of them dont need all the paperwork. I have referred deals to a local credit union and all they asked for was tax returns.
Similar Threads
-
bridge loan needed 3.5 for land and development of land.
By makessensethendoit in forum Business LoansReplies: 3Last Post: 01-14-2022, 01:18 PM -
Commercial - Construction loans, bridge loans, cash out refi and Raw Land Deals
By CHAMP3 in forum Business LoansReplies: 0Last Post: 02-07-2020, 03:49 PM -
Residential Refi Kansas 500 Value 350K refi 150 of it cash out ASAP
By CFObyDesign in forum All Other LendingReplies: 1Last Post: 09-07-2018, 03:35 PM -
ALBAMA: 25% LTV RAW LAND, BRIDGE LOAN - 500k REFI, 2,500,000 value.
By CFSCCorp in forum Deal BinReplies: 4Last Post: 05-30-2018, 01:33 PM -
Commercial Direct Lender Needed ASAP! Need to Refi Non-Flagged & Flagged Hotels $5MM
By Fundyman in forum All Other LendingReplies: 1Last Post: 06-30-2015, 02:41 PM