Results 1 to 4 of 4
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05-03-2023, 01:03 PM #1
Reputation points: 5448
- Join Date
- May 2018
- Posts
- 199
WBL Alternative
Any WBL Alternatives?
Charles Frazier
President
Sapphire Capital Group
p: 917-781-2232
m: 917-783-5634
w: www.Sapphirecapgroup.com
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05-03-2023, 02:27 PM #2
Yes...
Broker brings me a file with a WBL offer.
New York Italian restaurant
$1.2M hard money loan that balloons in February, 23
585 Fico
He needs:
$1,200,000 to pay off hard money loan
$250,000 for sales tax
$150,000 real estate tax
$30,000 credit cards
$75,000 cash out
$250,000 inventory (fresh seafood, etc)
Total $1.955M
WBL offer:
$2M
24 months
24% Interest
$38,611 a month payment
Guaranteed interest $925,667
3% broker fee
My loan offer LOI:
$2.1M
NoDoc loan - no documentation required
12 months but could extent to 18 - 24 months after underwriting
or additional 12 months renewal at 1% cost.
10.99% Interest Only - determined at closing
6 months prepay penalty
12 month payment reserve - no payments for 12 months.
3% broker fee
The exit strategy is to get him into a SBA 7A for his business and a 30 year commercial property loan to take this loan out within 12 - 24 months.
His finances support both of these long term and we need to work together to make it happen.
Yeah he may need a larger loan amount. Or stay with a payment plan on the tax debt. It's up to 60% LTV and the appraisal will determine what we end up with after underwriting review.
Only other issue is that I can't do a primary residence...unless in CA.Last edited by Olderguy; 05-03-2023 at 02:33 PM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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05-03-2023, 08:28 PM #3
Reputation points: 16709
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 723
Yes we offer real private money and hard money loan. Commercial, investment, land case by case. No residential or OO
$350,000 - $25M
9-16%
12-48 month terms
Terms depend on location, property type, other criteria.
Most states
bzuniga@omegafund.com
www.omegafund.com
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05-03-2023, 10:53 PM #4
By the way:
I can do 24 month bridge interest only
10 year interest only, 20 year amortized
30 year amortized.
The 10 year interest only and 30 year fixed have 5 year prepayment penalty 5,4,3,2,1
which can be bought down to 1 year at a cost of 1%.Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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