Need 2nd pos Hard money for unflagged hotel in Florida
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  1. #1
    Senior Member Reputation points: 20465 Fundyman's Avatar
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    Dec 2013
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    Need 2nd pos Hard money for unflagged hotel in Florida

    He just refied the 1st thru SBA.
    Bank-approved appraised value: $2.2M
    1st position is $1.2M
    He's looking for $250-300K cash out, bringing him to 66-70% LTV including fees.
    FICO is 720+
    Net worth approx. $5M.
    Can do blanket with additional hotel for slightly more cash out.

    I only use this email for filter: solidmerchantsolutions@yahoo.com
    or PM me. DIRECT LENDERS preferred, please.

  2. #2
    Senior Member Reputation points: 113 MatthewAStucchio's Avatar
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    Quote Originally Posted by Fundyman View Post
    He just refied the 1st thru SBA.
    Bank-approved appraised value: $2.2M
    1st position is $1.2M
    He's looking for $250-300K cash out, bringing him to 66-70% LTV including fees.
    FICO is 720+
    Net worth approx. $5M.
    Can do blanket with additional hotel for slightly more cash out.

    I only use this email for filter: solidmerchantsolutions@yahoo.com
    or PM me. DIRECT LENDERS preferred, please.
    Would like to take a look at appraisal and banks here to see what I could do. I can give offer off that Fico so we don't have to pull credit and if client is interested move forward from there. If everything looks the way you say I could be in range of that dollar amount with a factor in the high 2's low 3's as long as client doesn't have more than 1 advance. Let me know. Thanks
    Regards,

    Matthew A. Stucchio
    Associate

    World Business Lenders, LLC

    120 W. 45th St.
    5th & 29th Floor
    New York, NY 10036

    Main: (212) 293-8200
    Direct: (212) 220-6018
    Fax: (646) 417-7161
    Email: Mstucchio@wbl.com
    www.WBL.com

  3. #3
    Senior Member Reputation points: 20465 Fundyman's Avatar
    Join Date
    Dec 2013
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    713

    Quote Originally Posted by MatthewAStucchio View Post
    Would like to take a look at appraisal and banks here to see what I could do. I can give offer off that Fico so we don't have to pull credit and if client is interested move forward from there. If everything looks the way you say I could be in range of that dollar amount with a factor in the high 2's low 3's as long as client doesn't have more than 1 advance. Let me know. Thanks
    Believe me......... I know for a fact WBL would be an option. I already tried getting him to take your product. No way he's doing that weekly payment...

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