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  1. #1

    Collateralized Loan/Mortgage Refi/Bridge Loan

    Client want's a loan to help purchase an existing business. Does not currently own a business.

    Wants 30-50k

    The collateral:
    Residential Property
    FMV- 1.1 million
    Purchase price 750,000
    Owes 656,000
    purchased: 2002
    Owner occupied
    640 credit score
    Staten Island ny 10307
    6 bedrooms 5 baths

  2. #2
    Senior Member Reputation points: 68233
    Join Date
    Dec 2014
    Location
    Quogue, NY
    Posts
    1,108

    He should check to see if his bank offers a HELOC or refinance.. If that isn't possible client would actually be much better off doing a ROBS plan (roll over as business start up) from his retirement funds if/where applicable. No closing costs or taxable event..

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