[Cody Ruiz]

Just funded an Environmental Company in California for $300,000. 3 year term, 15% interest, Monthly Payments.

Please contact me if you're interested in learning more about our term loan.

cody.ruiz@lendistry.com

[bdshaw]

Hi Cody...what was the collateral and are you talking about a single payment at the end of,the 3 years?
Bob Shaw

[Cody Ruiz]

We used the companies current contracts as collateral and no it is not a balloon payment. They are fixed monthly payments with no pre-payment penalty.

[brokerCompany]

are your broker fees 1-2% for the term loan product?

[Cody Ruiz]

We charge 5 points on the gross loan amount. 3 go to the broker and 2 go to the house.

[brokerCompany]

Ok. but all deals outside of CA need real estate.

[Cody Ruiz]

All deals outside of California require some type of collateral, either hard or soft assets.

[johndough17]

All deals outside of California require some type of collateral, either hard or soft assets.

What is considered a soft asset Cody? Trucks, etc?

[Cambridge]

640 minimum credit - It's a deal breaker and they won't budge.

Collateral can be many things, it's discretionary. Examples may include equipment, machines, vehicles, AR, and of course real-estate, commercial and personal (even owner occupied with the exception of a few states, Texas being one).
Don't quote me here but I'm pretty sure they collateralize at 60% LTV.

[nrh1lp]

when you say 60% LTV for RE are you saying 60% of the equity the client has in the property or the WBL LTV calc [(P) x (.7)]-remaining balance?

[Jstarr]

Ill do up to 80 % AIV on Residential and 65-70% On Commercial.