[Olderguy]

Broker/lender called about his client that was over extended and wondered if I could do anything for him.

He owned a country store in Hawaii that was encumbered by three mortgage loans and also had 6 MCA's - claimed his primary residence on the right angle street was free and clear for a hard money loan.

Upon doing some analysis, I was able to determine that all the loans were on the store but the lot was actually the two addresses, with two structures and thus loans were encumbered by both structures.

None of my lenders would touch it as there wouldn't be any "comps" or comparable sales of like properties on the island.

I got a hold of a broker on the island and had him look up the assessments - he found each was assessed separately for a total of $2.2M. That suggests $2.5M - $2.75 valuation wasn't out of the question. Thus we could be looking at a 50% Loan to Value loan.

I submitted that assessment information to one of my lenders a second time and got an approval for $1.34M at 10.5% Interest Only for 24 months.

New monthly payment would be $11,725
9 loan payments were costing him $119,682 a month.

Saving him $108,000 a month in payments.

There are options....just have to ask questions....do they have any property?

Ordered appraisal and we hope we can do this one. Hoping the cost analysis valuation on the appraisal will pass underwriting if comps don't

Oh, if it funds we get 3 points which I split with broker.