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11-18-2015, 06:15 PM #1Senior Member
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Any other than WBL?
Are there any lenders besides WBL that uses real estate for collateral?
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11-18-2015, 06:51 PM #2Member
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Any other than WBL?
Pledgecap
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11-18-2015, 06:55 PM #3Senior Member
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There are 100s of lenders that use real estate and offer much better terms. Just has to be the right type and location.
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11-18-2015, 06:58 PM #4Senior Member
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Pledgecap doesn't collateralize real estate.
Originally Posted by samkota
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11-19-2015, 08:33 AM #5Senior Member
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Like who? Originally Posted by brokerCompany
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11-19-2015, 10:28 AM #6Senior Member
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Is it a loan?
'Usury in New York'
criminal-usury In America, the main legal authority to regulate interest rates lies with each state. New York law says how much interest can be charged on a loan before it is considered usurious. If a lender bills for interest above the approved rate, New York courts will bar the lender from attempting to recover the debt through a lawsuit as the original load was illegal because of the unlawful interest. In New York, such loans are made void ab initio.
In New York, charging interest greater than 16 percent annual, but less than, or equal to 24 percent is civil usury. Interest rates of 25 percent or more is criminal usury.
Despite the New York usury laws, lenders frequently provide loans at higher rates, often between 350 and 650....
From this site: https://www.nyccriminallawyer.com/wh...e-in-new-york/
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11-19-2015, 10:41 AM #7Senior Member
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Yes, he is looking for a loan and he is located in PA.
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11-19-2015, 10:49 AM #8Sponsor
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Newtek Business Services, Harold Gardner
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11-19-2015, 11:03 AM #9Senior Member
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My apologies. thought you were looking for an advance... if the client is looking to leverage Real Estate in Pennsylvania and doesn't meet SBA criteria (Newtek's web address is thesba.com), there are several Banks/Investors that can assist. As with all Real Estate the main issue's are Equity, credit, property type, ownership etc....
If equity is strong there are 'Stated Income' loans for commercial real estate (they no longer exist residentially)... No tax returns or audited financials etc.. As ever touch base if u wish for assistance..
www.businesscapitalconsultants.com
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