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01-16-2016, 07:39 PM #1
Looking to Refinance Business Loan
Client looking to refinance debt of a company for $600k on a 20 year note with a 2 year balloon. Bank of America had the original loans, they sold them recently to another company. He is in default due to a car accident in 2011 which took him down for a year. He is now rebuilding the business, but cannot cover the cash flow of over 8k per month for the standard loans. Needs no prepayment penalty & interest only payments.
The new company offered a standard loan on a 18 month forbearance on a 20 year amortization, but the monthly is still 5k plus which he cannot cover. Company has adequate cash flow to cover interest payments. Has several active buyers for the business which has $1.4M of assets and he's asking $750k just to cover debt. The property alone is work $500k. Also has his home listed for $1.3M and also has a couple of active clients. If he could find someone to pick up the debt short term and allow him to get something sold, he could pay off the debt in cash once either sells.
Is their anybody that would touch this or know were to take it? This just came thru my email like 1hr ago.Last edited by NickHubbard; 01-16-2016 at 08:01 PM.
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