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05-28-2016, 07:10 AM #1
- Join Date
- Feb 2016
- Posts
- 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
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05-28-2016, 12:11 PM #2
- 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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