Results 1 to 6 of 6
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07-14-2021, 01:24 PM #1
- Join Date
- Apr 2017
- Location
- Orange County, CA
- Posts
- 90
Need to Refinance World Business Lenders / WBL type of deal?
We are a small broker shop looking to expand our partnership referral network with other brokers who want to get more residential real estate-backed deals done.
If you have clients struggling with a World Business Lender "loan" on their real estate or clients who are simply over-leveraged and have real estate to utilize we would like to work with you to get a deal done.
If the LTV and credit combination is right we can help you refinance your client in 2-6 weeks. Our mortgage team works primarily in CA, WA, TX, and Arizona but can network out to many other states depending on the quality of the deal.
Utilize our experienced mortgage team to help you get some deals done without bogging down your time. The usual Mortgage offer is 25-30 years, 4-7%, none mortgage options (unsecured or asset-based) are 4-5 Years 9-18%.
We have partnered with a few other shops/brokers to get some deals done and are happy to provide references to anyone serious about working with this particular type of deal.
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01-12-2023, 04:59 PM #2
- Join Date
- Oct 2013
- Posts
- 21
Hello,
I am actually looking for a new place to send my asset based loans to. I have a deal right now in IL. The client is looking for 50k. He does have over 1mil. In real estate and 800+ credit. Is this something you would consider? I have dealt with WBL in the past who is now closed. So I need a new asset based lender. If this is something you think you can do or if you know if any asset based lenders please let me know.
Thank You…..
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01-12-2023, 05:30 PM #3
Maxim Commercial Capital for ABL with Real-estate
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01-13-2023, 11:20 AM #4
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.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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01-16-2023, 03:43 PM #5
- Join Date
- Oct 2013
- Location
- Designer
- Posts
- 586
Hi Steve, in that deal, what was the value of the real estate, and how much equity?
www.UccRadar.com - Large Merchants filling out Your Online App!
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01-16-2023, 06:20 PM #6
It was 60% LTV....
Last edited by Olderguy; 01-16-2023 at 06:30 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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