Results 1 to 8 of 8
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10-21-2020, 11:39 AM #1
- Join Date
- Oct 2020
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- 4
Need a commercial refinance loan to be payed back quickly
I have a client with great credit and assets. She is selling her commercial property and was going to use the proceeds to buy a new property. The sale of the currently owned property is delayed due to the buyer and the close won't happen in time. The property is selling for $420k and she owes $65K - so it's worth about $350k in equity. She needs that amount in order to close on her new property, and then plans to pay back the loan. Willing to work out a deal with a direct lender to get this done. I have all necessary documents. Thanks
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10-21-2020, 11:57 AM #2
- Join Date
- Feb 2017
- Posts
- 3,375
83% ltv?
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10-21-2020, 12:10 PM #3
- Join Date
- Feb 2017
- Posts
- 3,375
Why can't she get a loan to finance the purchase of the new property?
When's the closing for the new one?
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10-21-2020, 12:11 PM #4
- Join Date
- Oct 2020
- Posts
- 4
Yes, roughly
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10-21-2020, 12:12 PM #5
- Join Date
- Oct 2020
- Posts
- 4
She wanted to pay for it in cash. And the closing was already scheduled. She needs the funds before 11/18 - the closing date.
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10-21-2020, 05:20 PM #6
- Join Date
- Feb 2017
- Posts
- 3,375
modifiedbusiness, tried calling you back, thanks for letting me help you out. This project is way too rural for me to do anything about it. I can do rural if it was zoned residential, but as you pointed out, it's zoned commercial presently
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10-22-2020, 02:14 PM #7
- Join Date
- Oct 2020
- Posts
- 4
Thanks for trying!
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11-19-2020, 08:05 PM #8
- Join Date
- Dec 2017
- Posts
- 17
Sorry, I wish I had seen this earlier. For future reference can we can do a personal loan from $10,000 to $400,000 with a 680 credit score. Term is 3,5,7 years with no pre-payment penality.
Michael Cooper
michael@2getfunded.com
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