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Skitch
23 Posts |
 Posted - 01/14/2008 : 1:28:15 PM
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Any lenders that can do a $2 mil purchase of mixed use property in IL. 20% down w/ FICO in the 700's, stated?
Let me know ASAP!!!!!
Thanks |
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mortgagemessiah
8003 Posts |
Posted - 01/14/2008 : 1:58:55 PM
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| What kind of property is it and what's the DSCR? |
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Skitch
23 Posts |
Posted - 01/14/2008 : 2:06:15 PM
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Property is 2 storefronts and 11 residential units.
Not sure what DSCR is yet. I'm trying to gather a few different options, not only for this deal, but for future deals also.
The borrower wants to know if it possible based upon the limited info given to me. Of course, anything is possible until something comes up that would kill the deal.
I just got the call on this about 30 minutes ago.
I am trying for the 1003 this week. |
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Sweezer
336 Posts |
Posted - 01/14/2008 : 2:14:50 PM
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Hello Mike,
We can help you, for a preapproval I need a completed 1003, credit report, and a Loan submission form fax or email attached for to get a preapproval, also a rent roll, lease agreements, and profit and loss.
Have you ever lost a commercial real estate deal because the buyer couldn't get financing at the bank? Unfortunately, it is not easy for a small business to borrow from a bank. Strict guide lines, full documentation, and long processing times often make it impossible.
At Integrity Financial Group we have the solution. We specialize in helping borrows get the financing they need. For fast approval, less paper work and easier for you to do. We do commercial loans nationwide.
This is a win-win solution. We take great pride in the relationship we develop and looking forward to working with you.
Call me at 1-562-234-2689, and find out more about our exciting new programs, and how it can benefit you and your clients. I will talk you soon.
In regards to the Commercial properties that we fund the following are serviced:
Office Buildings
Warehouses
Retail
Mixed Use
Multifamily
Automobile
Rooming House
Self-Storage
Day Care
Mobil Home Park
Bed & Breakfast
Campground
Hotel/Motel
Light INDUSTRIAL
Nursing Home
Funeral Home
Dry Cleaner
Medical Dental Office
The type of Doc's are Stated and Full Doc's, Terms are 15, 20, 25, 30 years
We Fund to From $100,000.00 up to $ 6,000,000.00
LTV up to 90% (for eligible borrowers and properties types) Minimum Fico score is 610
Be please call me for specific guidelines
Fred Sweezer Sr.
Intergrity Financial Group
fsweezer@ifgloans.com
1-562-234-2689
fax 1-866-889-5245
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EMScommercial
5138 Posts |
Posted - 01/14/2008 : 3:30:59 PM
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skitch....
Our network of over 250 commercial funding sources which we are direct brokers for - NATIONWIDE ... and Beyond!!! - could be just what you need for such a deal..... (the number changes regularly - adding and removing to meet our clients' needs) to our database.....
We do all the legwork - finding the lenders interested and getting the documents to them.... receiving the letters of intent and organizing them in sensible order for your clients..... we should work together on your deals.... let's talk!
** We issue a mutual NCND to protect both sides!! **
We currently have 178 lending sources for this type of property **Mixed Use** in our internal database! This will help us find just the right loan for your client!!
Please contact me asap so we can get this taken care of! Just a note... if you call and I am not available at that time to talk, any one of my highly trained account managers can help you as well.
Check out our BASIC RATE/TERM sheet to get an idea if your scenario is 'in the ball park' and then contact us to start the ball rolling to get specific numbers for your loan! http://www.EclipseMortgageServices.com/aaaaaEMS_ratesheet.pdf
Thank you... |
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swmsn
4205 Posts |
Posted - 01/14/2008 : 8:37:31 PM
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Skitch you really need to gather all docs/financials in order to know your options. Without DSCR you don't know anything. That will tell you if you need hard money or not. Without Value financials and exit strategy you don't know if Hard Money is an option.
Stated is probably not necessary and you are just leaving yourself open for your competitor to take the deal by not knowing how you can possibly structure this for Full doc. What you need to know is that the property should pay for itself not the borrower. Thats why you dont need to go Stated for one. ( I have probably 5 more good reasons ) :)
Email me/CAll me and I will go over the options you have and what docs you need to gather. If you need help figuring your DSCR I can do that as well. |
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knagi
374 Posts |
Posted - 01/14/2008 : 9:14:39 PM
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Please contact me with any current loans you may need our assistance.
**Our minimum FICO requirement is 600 on both stated and full doc programs
**Our minimum loan amount is $100,000 and maximum of $1,500,000 on stated and $6,000,000 on full-doc
**Our maximum LTV on stated is 85% and the maximum LTV on full doc is 95% and possibly 97% with a strong file on selected properties
I am encouraging you to use these great rates and discounts to your advantage ……
*** We are offering up to $1500 cash back on appraisals at closing this offer is good till March 2008
*** No origination fee
*** We lowered our processing fees from $4995 TO $2995 collected at closing
*** will pay up to 3% YSP
All I need to process this file and give you a pre approval
** 1003
** Credit Report
** 2 yr tax returns (Personal and Business) only if we are going full-Doc
Sincerely,
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schultz.fir
892 Posts |
Posted - 01/14/2008 : 9:31:59 PM
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| Skitch - you registered as a "LENDER" and you don't know DSR yet?? That seems a wee bit, well, ODD. |
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Skitch
23 Posts |
Posted - 01/15/2008 : 09:58:58 AM
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Schultz-I am a Loan Originator. The Wholesale lender registration was an oversight on my part.
I understand what DSCR is. I just don't have all the information necessary.
I know for a fact, that the client will not go anywhere else as long as I can do the deal. I just need to start with the 1003 and credit and go from there. |
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EMScommercial
5138 Posts |
Posted - 01/20/2008 : 3:17:09 PM
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| still need help with this? let us know..... |
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