nyc customer owns free and clear 800k property needs 200k now
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  1. #1

    nyc customer owns free and clear 800k property needs 200k now

    excellent credit wants 200k she lives in the property
    need to fund immediately

  2. #2
    Senior Member Reputation points: 12878
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    Does this client own a business? If not you are looking for a hard money deal and an owner occupied cash our refinance is not going to be quick, easy or painless.

  3. #3
    Senior Member Reputation points: 105
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    Quote Originally Posted by alberto View Post
    excellent credit wants 200k she lives in the property
    need to fund immediately
    Alberto,

    How much income did her business generate in 2016? We could lend up to 10% of gross annual sales, possibly more if income and equity are in line.

    Let me know if this option would work for the borrower.

    Sean
    LiftForward
    917.477.65434
    sean@liftforward.com

  4. #4
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    Quote Originally Posted by nrh1lp View Post
    Does this client own a business? If not you are looking for a hard money deal and an owner occupied cash our refinance is not going to be quick, easy or painless.
    What he said....

  5. #5
    Senior Member Reputation points: 32658 Zach's Avatar
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    WBL is one of the only options to lend against owner-occupied. As long as she generates over $100K of gross monthly revenue, WBL can facilitate a $200K loan for this borrower.
    Zachary Ramirez – CEO
    Phone: 562-391-7099
    Email: zach@zacharyjosephramirez.com

    1661 N. Raymond Ave #265
    Anaheim CA 92801

  6. #6
    Does she really need a hard money loan with her good credit? I can get her 4.9% a year income without encumbering the property.

    Alternatively, there are plenty of banks and private lenders that will lend with your description of her scenario.

    Thank you.

    Joe Tufo
    Cash Flow Specialists Inc.
    P.O.Box 844
    Alamo CA 94507
    925.352.6000
    joe@joetufo.com
    http://www.linkedin.com/in/joetufo
    http://www.workingcapitalfast.com

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