[Franklin]

Reach out to me on this....

I have 32 property lenders

Better option than WBL....

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.

Hi Steve, in that deal, what was the value of the real estate, and how much equity?








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