[Mikefunds]

Have a guy we've done a few MCAs with in the past, he is currently still paying on them. We're looking to move on to other products to help out, but don't know where to go for a heloc. Anyone that can help out? 1.2 million dollar property about 400k worth of equity to work with. He has other properties as well, but looking to keep it minimal. He is looking for maximum dollar possible. Please PM or reach out on thread. Thanks in advance

[Olderguy]

He's at 67% Loan to Value. A Heloc is a home equity line of credit that is done on a primary residence. That's typically best available from a local credit union. If it's a primary residence that is your only option. Have to be nmls licensed in the state to do a loan on a primary residence. Or be with a national bank.

If it's investment property or commercial property I can do a hard money first and take out the $800K but may not make sense depending on the current rate. I do have a lender that can do a second lien on commercial and investment property but there may not be enough of a loan amount - not enough equity to make it worth while to the lender.

Reach out.

Does he qualify for a personal loan based on personal tax return and 700 Fico?

And equipment free and clear to do cash out refi?

Any A/R aging for factoring?

[abfunders]

Interesting that Olderguy only comments on "wrong place on the forum" when it's not a deal he's willing to work on.

[Olderguy]

Interesting that Olderguy only comments on "wrong place on the forum" when it's not a deal he's willing to work on.

Said by someone who has nothing constructive to contribute on a post where someone is truly trying to help another broker. (It's a deal bin bro).

[FundNonPrime]

OO or NOO 2nd lien going bank statements is out there. OO = 90CLTV NOO = 85CLTV, min FICO = 660. Rates I am seeing are from 7.75%-12.25% 30 year fix, no PPP.

[Olderguy]

OO or NOO 2nd lien going bank statements is out there. OO = 90CLTV NOO = 85CLTV, min FICO = 660. Rates I am seeing are from 7.75%-12.25% 30 year fix, no PPP.

How do you do an OO 2nd lien..nmls licensing?...are you a national bank?

[b2bfunding]

Unless you are licensed as a mortgage broker, you won't be able to do it.

You can send it to me and I can work on it.

You can get helocs on primary and investment properties.

Investment properties need a 680 fico.

Primary needs a 620.

whatsapp me 347-794-1592

[Olderguy]

If affiliated with a national bank you can do primary mortgages nationwide. But otherwise, yes need nmls license.

[FundNonPrime]

Not a bank, I am a NonPrime wholesale lender. If the asset is OO, then NMLS is required, but everyone should know that. If NOO here is the list of states you can originate without a LIC.

AL No license needed for Business Purpose Loans
AK No license needed for Business Purpose Loans
AZ License Needed
AR No license needed for Business Purpose Loans
CA License Needed
CO No license needed for Business Purpose Loans
CT No license needed for Business Purpose Loans
DE No license needed for Business Purpose Loans
DC No license needed for Business Purpose Loans
FL No license needed for Business Purpose Loans
GA No license needed for Business Purpose Loans
HI No license needed for Business Purpose Loans
IA No license needed for Business Purpose Loans
ID License Needed
IL No license needed for Business Purpose Loans
IN No license needed for Business Purpose Loans
KS No license needed for Business Purpose Loans
KY No license needed for Business Purpose Loans
LA No license needed for Business Purpose Loans
MA No license needed for Business Purpose Loans
MD No license needed for Business Purpose Loans
ME No license needed for Business Purpose Loans
MI No license needed for Business Purpose Loans
MN License Needed
MO No license needed for Business Purpose Loans
MS No license needed for Business Purpose Loans
MT No license needed for Business Purpose Loans
NC No license needed for Business Purpose Loans
ND License Needed
NE No license needed for Business Purpose Loans
NH No license needed for Business Purpose Loans
NJ No license needed for Business Purpose Loans
NM No license needed for Business Purpose Loans
NV License Needed
NY No license needed for Business Purpose Loans
OH No license needed for Business Purpose Loans
OK No license needed for Business Purpose Loans
OR License Needed
PA No license needed for Business Purpose Loans
PR License Needed
RI No license needed for Business Purpose Loans
SC No license needed for Business Purpose Loans
SD No license needed for Business Purpose Loans
TN No license needed for Business Purpose Loans
TX No license needed for Business Purpose Loans
UT License Needed
VA No license needed for Business Purpose Loans
VT License Needed
WA No license needed for Business Purpose Loans
WI No license needed for Business Purpose Loans
WV No license needed for Business Purpose Loans
WY No license needed for Business Purpose Loans

[FundNonPrime]

And NY is hot right now with 5-10 resi going DSCR

[thorn89]

If the property is the merchants primary and located in FL or TX let me know as I have the licenses required to originate. The vast majority of my business involves originating HELOC's, HELOANS, and cash-out refis to pay off MCA's in order to de-leverage the merchants business.
You can essentially wipe their MCA slate clean to free up their businesses cashflow

[Dutucker]

Hello Mike, what type of property does he have? Single Family, Retail, Commerical, Multi Family? Have you considerd doing an SBA 7(a) Loan, we can work with anybody with appropriate AGI, we have a No Minimum Fico SBA Product. Reach out if you need help.

[Olderguy]

I have a national bank now that can do 1st, 2nd and 3rd up to 70% CLTV including O/O primary residence

up to 5 year term, 18% - 24%

Submission Requirements

�� Real Estate Finance Application
�� Detailed Use of Funds
�� Last 3 Months Complete Business Bank Statements
�� Previous Year’s Business & Personal Tax Returns
�� Property Financials: Last 2 years and YTD interim
�� Previous Property Appraisals, if available

If Applicable:
�� Property Rent Roll
Acceptable Collateral

1st, 2nd & 3rd Liens: $100,000 - $3,000,000 up to 70% Combined LTV

Fees
�� $1,500+ Documentation
�� $300 Per Site Inspection Fee
�� $200 UCC Search & File Fee
�� Title Work at Cost to Client
Funding Stips & Terms
�� Interview
�� Inspection
�� Deposit: $2,000+
�� Early Payoff considered on request
�� Interest Only considered on request
�� Valuation (internal)
�� Real Estate Title Search

[Fundingguy16]

Have a guy we've done a few MCAs with in the past, he is currently still paying on them. We're looking to move on to other products to help out, but don't know where to go for a heloc. Anyone that can help out? 1.2 million dollar property about 400k worth of equity to work with. He has other properties as well, but looking to keep it minimal. He is looking for maximum dollar possible. Please PM or reach out on thread. Thanks in advance

If he needs a 250-300k 52 week mca I can fund it using his property as a 2nd lien on it. I can also fund a hard money loan, 12 months max 15% i/o, you get paid 3-5 at closing based on what you sell on top of our orig if it isn't located in California.

The interest only loan would be at 65% ltv max paying off the 1st lien, only commercial properties.

[Incbiz440]

I have a national bank now that can do 1st, 2nd and 3rd up to 70% CLTV including O/O primary residence

up to 5 year term, 18% - 24%

Submission Requirements

�� Real Estate Finance Application
�� Detailed Use of Funds
�� Last 3 Months Complete Business Bank Statements
�� Previous Year’s Business & Personal Tax Returns
�� Property Financials: Last 2 years and YTD interim
�� Previous Property Appraisals, if available

If Applicable:
�� Property Rent Roll
Acceptable Collateral

1st, 2nd & 3rd Liens: $100,000 - $3,000,000 up to 70% Combined LTV

Fees
�� $1,500+ Documentation
�� $300 Per Site Inspection Fee
�� $200 UCC Search & File Fee
�� Title Work at Cost to Client
Funding Stips & Terms
�� Interview
�� Inspection
�� Deposit: $2,000+
�� Early Payoff considered on request
�� Interest Only considered on request
�� Valuation (internal)
�� Real Estate Title Search

LOL did Maxim get a bank license?

Unless there's a national bank that for some reason has verbatim terms and stips as a high-risk commercial lender.

In any case Maxim accepts brokers with no TIB or volume requirements, so no need to split deals with another broker.

[Fundingguy16]

LOL did Maxim get a bank license?

Unless there's a national bank that for some reason has verbatim terms and stips as a high-risk commercial lender.

In any case Maxim accepts brokers with no TIB or volume requirements, so no need to split deals with another broker.

I see plenty of deals with maxim that are tied to commercial real estate. I think you might be right. If you're being sarcastic, fyi, i see them in deals where their agreement is a commercial loan collaterized with real estate. Not equipment. So they're probably funding commercial real estate and equipment now. I'm glad they are growing their portfolio. It's good to see companies grow. Don't you agree?

[Incbiz440]

I see plenty of deals with maxim that are tied to commercial real estate. I think you might be right. If you're being sarcastic, fyi, i see them in deals where their agreement is a commercial loan collaterized with real estate. Not equipment. So they're probably funding commercial real estate and equipment now. I'm glad they are growing their portfolio. It's good to see companies grow. Don't you agree?

No, I wasn't being sarcastic, other than Olderguy said he had a national bank with Maxim's exact terms, and throwing out that if it is Maxim nobody needs a co-broker to run a deal. There is a ton of gatekeeping with hands out here, and we all do better in the long run sharing info instead of trying to shake down other brokers to split deals when its not needed. If a broker is like I need help on this deal because it's outside of my wheelhouse, fine, but that doesn't seem to be the situation most of the time on here.

I don't know if that is or isn't the case in this specific situation, but whether it is or isn't that broker can get those terms through Maxim and keep his hard earned commission to himself.

[jeffcapital]

No, I wasn't being sarcastic, other than Olderguy said he had a national bank with Maxim's exact terms, and throwing out that if it is Maxim nobody needs a co-broker to run a deal. There is a ton of gatekeeping with hands out here, and we all do better in the long run sharing info instead of trying to shake down other brokers to split deals when its not needed. If a broker is like I need help on this deal because it's outside of my wheelhouse, fine, but that doesn't seem to be the situation most of the time on here.

I don't know if that is or isn't the case in this specific situation, but whether it is or isn't that broker can get those terms through Maxim and keep his hard earned commission to himself.

Do you know of any other banks/alternative lenders that provide same type of product Maxim does?

[Olderguy]

No, I wasn't being sarcastic, other than Olderguy said he had a national bank with Maxim's exact terms, and throwing out that if it is Maxim nobody needs a co-broker to run a deal. There is a ton of gatekeeping with hands out here, and we all do better in the long run sharing info instead of trying to shake down other brokers to split deals when its not needed. If a broker is like I need help on this deal because it's outside of my wheelhouse, fine, but that doesn't seem to be the situation most of the time on here.

I don't know if that is or isn't the case in this specific situation, but whether it is or isn't that broker can get those terms through Maxim and keep his hard earned commission to himself.

I just saw this and no, it's isn't Maxim....it's non QM bank lenders..this was a general spec list