Results 1 to 12 of 12
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09-15-2016, 05:29 PM #1
Unflagged Hotel Needs $300,000 for Renovations
Currently shutdown for renovations.
So you know upfront, there was rodent & crime activity there as well. Mostly need for renovation & crime caused shutdown.
Now that we got that out of the way...
Hotel is worth no less than $1.5-2MM
1st lien: $450K @ 6% w/ bank
2nd lien: $165K @ 12% per 6 months i/o
Credit 700+
Net Worth: $5MM+
Needs $300,000 cash out 1st refi at no more than 7.5% (i/o is fine, but rate can't be higher).
I have 2 yrs Tax returns, 6 months bank statements; can obtain current mortgage statements.
I need a no-nonsense lender who can just get this done w/out coming back with the usual crap they find on Google.
The client is in dire need of re-opening the hotel. He owns at least 4 & runs 2 more. He's not in the business of taking cash out & running, leaving all that equity to the side.
If you feel you can get this deal done within 30 days w/out pulling my leg, send me PM.
***WITHIN 30 DAYS! NO SBA BULLSH*T, PLEASE!***
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09-15-2016, 06:26 PM #2
- Join Date
- Apr 2015
- Location
- Louisiana
- Posts
- 299
Unflagged Hotel Needs $300,000 for Renovations
Goto scotsmanguide.com and post it there.
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09-15-2016, 06:41 PM #3
Unflagged Hotel Needs $300,000 for Renovations
Sba!
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09-15-2016, 08:36 PM #4
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09-15-2016, 08:36 PM #5
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09-16-2016, 12:09 AM #6
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 730
Depends on the location but if he is willing to cross collateralize some other properties rates would be in 9-11%
If he is in dire need he needs to get over the rates as he can refinance After renovation.
Bzuniga@omegafund.com
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09-16-2016, 10:17 AM #7
If merchant is willing to let someone come in and consolidate his liens and give him 300k cash out for an interest only for 12-24 months while he finishes the renovation then
refi through a bank once he is done, it is possible. as long as the total refi and cash out amounts to more then a million. I have never seen any merchant who is willing to
consolidate their bank rate but if he is, let me know.
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09-16-2016, 10:31 AM #8
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09-16-2016, 10:47 AM #9
Unflagged Hotel Needs $300,000 for Renovations
WBL can structure a bridge loan for the borrower, holding back 3 months of payments and structuring it with a 6-month prepayment addendum. This way he makes no payments for the first three months and only pays a few months' worth of interest.
He can simply refinance us upon completion of his renovations. We should be able to get it done in a suitable timeframe to meet his needs.Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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09-16-2016, 01:07 PM #10
- Join Date
- Jul 2014
- Posts
- 82
5-7% 65% LTV min loan amount 1m 3 year interest only or (10 yr am - .25 point for am)
I have a fund that I deal with that has rates at 5-7% for borrowers with 700+ credit score min loan size is 1m, but I have them doing a 845k loan now at 6%, so they will consider a smaller amount like you're asking for. 30 days is typical closing time but I have seen it take as long as 45 days. Your borrower will need to have a renovation plan with budget drafted if doesn't already, they won't just had him 300K FYI. Contact me if you'd like to pursue this option.
Burton M. Brooks | CEO
Money MatchMaker Corporation
North Miami Beach, FL 33162
www.mmcocapital.com
Direct: 419-559-3251
Office: 305-647-2682
Fax: 888-303-2670
Burt@mmcocapital.com
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09-20-2016, 02:05 PM #11
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09-20-2016, 02:06 PM #12
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