[Jstarr]

I have a self storage facility that is looking to expand and needs 2MM for 24 months 800 fico and doesn't want to deal with banks, would rather do a hard money deal.

The property has an existing 5mm mortgage with Wells Fargo and appraised at 18MM

ALSO POSTED IN REAL ESTATE THREAD


Pm me

[nmanapat]

I have a self storage facility that is looking to expand and needs 2MM for 24 months 800 fico and doesn't want to deal with banks, would rather do a hard money deal.

The property has an existing 5mm mortgage with Wells Fargo and appraised at 18MM

ALSO POSTED IN REAL ESTATE THREAD


Pm me

Shoot me an email and talk nathaniel@instafundllc.com

[Avell Group Consultants]

Any hard money lender will buy out the mortgage and would have to find 7 MM. Figure monthly payments of approximately 7K with 7MM DUE as balloon payment at end of term. If he is eligible, he would be far better with a refi from Wells Fargo or another bank. If he needs money fast, you could do a hard money loan, and switch to a call mentionable mortgage as an exit strategy. Feel free to PM me if you would like to discuss further.

[Avell Group Consultants]

Sorry about the typo above - payments would be around 70K monthly