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04-19-2017, 12:55 PM #1
- Join Date
- Feb 2017
- Posts
- 3,463
Hard Money - Personal Guarantee
I think it's a silly question, but I need to make sure I'm correct. I have the following client who is just starting in the market to search for a bridge loan.
Company does $6-7mm yearly
Townhouse and office building in MO appraised together for over $700,000.
Office is used by the company.
Separately, there is a townhouse sometimes leased. Currently vacant.
Both owned by the LLC free and clear.
They need around $500,000 as a LOC or hard money until the end of the year. Less than that, they're not interested in.
They are looking for rates of 8-10% bridge on the property until the end of the year when they have money coming in.
Now the silly part: They don't want ANYONE running their credit. Main owner is 40% owner, 5 others own the rest. They claim their credit is good. They probably won't even give you their social security number. I told him "no such thing," he said, "Find it." I told him, "I have a guy with property with a foreclosure and 15 unpaid late accounts - the guy's untrustworthy, that's why people run credit." I don't think such a thing exists, but if I'm wrong, then let's get a deal done.
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04-19-2017, 01:24 PM #2
Just sent you a email.
Nick Hubbard
Senior Loan Advisor
314-252-0299 - Office
314-885-2262 - Direct
nick@elitefactoring.com
www.elitefactoring.com
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04-19-2017, 03:15 PM #3
- Join Date
- Feb 2017
- Location
- Fort Washington, PA
- Posts
- 37
Just sent you a pm.
Scott Buchholz
Account Executive
Velocity Mortgage Capital
215.619.2543 Direct
sbuchholz@velocitymortgage.com
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