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svallance
29 Posts |
 Posted - 03/20/2008 : 1:00:04 PM
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| I have a mixed use property in Maryland. Restaurant downstairs while owners live up stairs. Restaurant grossed last year $288,000 and the restaurant leases from the owners. Value of property $1 mil - $1.2 mil. $795k loan amount. Clean payment history. 595 and 606 mid scores. Need lender. |
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Matt W.
1927 Posts |
Posted - 03/20/2008 : 1:13:10 PM
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Have a program for this. Please contact me for pricing and programs.
Thanks, |
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nbrunette
349 Posts |
Posted - 03/20/2008 : 2:06:30 PM
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Possibly have a loan program for this loan.....it will be a private investor....not necessarily the high rates...but....I need more information....
Thnk you
Nissa Brunette
Wholesale Account Rep
Amerlender Financial
03-755-5421 direct
nissa@amerlender.com
www.amerlender.com |
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EMScommercial
5138 Posts |
Posted - 03/20/2008 : 2:45:33 PM
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Please let us know if we can help you with your commercial scenario(s) - I'm sure that if there is any financing options for your clients out there, we can find it in our vast internal database of commercial lending sources of which we are direct brokers for (currently stands at 300+ entries as of today (lenders, banks, private money, hedge funds, insurance companies, etc.)).
Eclipse Mortgage Services is the proverbial 'head of the snake'... the end of that broker chain.... next step - the lending source.....
** We issue a mutual NCND to protect both sides!! **
Remember... We only get paid when the thing funds!
Thanks! |
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Mursal97
85 Posts |
Posted - 03/20/2008 : 3:11:50 PM
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| I can possibly help you with this one, however I can only use the borrower with the 600+ fico score. I can go up to 75% LTV going stated or full doc. DSCR requirements are 1.25 or higher. Please contact me if this works for you. |
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swmsn
4205 Posts |
Posted - 03/22/2008 : 06:52:07 AM
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Your loan teeters between Hard Money ( 12-16% ) and Conventional. ( probably 8%-9%'s+ ) The 606 Borrower will be the one that needs to refi and drop the 595 borrower to lower than 10% ownership. The rate will be hit for property type ( restaurant ) and score. It may be better to do a Bridge or straight Hard Money and repair the credit over the next year. Since there is no PPP you can turn this into a more conventional loan down the road.
At least you have a couple of options. The 606 will limit you with many Lenders due to many Guideline changes nationwide.
Second Part what are the owners collecting in rent. Even though the Restaurant made $288k what are they paying in rent? What are the apts. receiving? Email me some details and lets search for all your options. |
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swmsn
4205 Posts |
Posted - 03/22/2008 : 07:01:25 AM
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Your loan teeters between Hard Money ( 12-16% ) and Conventional. ( probably 8%-9%'s+ ) The 606 Borrower will be the one that needs to refi and drop the 595 borrower to lower than 10% ownership. The rate will be hit for property type ( restaurant ) and score. It may be better to do a Bridge or straight Hard Money and repair the credit over the next year. Since there is no PPP you can turn this into a more conventional loan down the road.
At least you have a couple of options. The 606 will limit you with many Lenders due to many Guideline changes nationwide.
Second Part what are the owners collecting in rent. Even though the Restaurant made $288k what are they paying in rent? What are the apts. receiving? Email me some details and lets search for all your options. |
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privatelender4u
173 Posts |
Posted - 03/22/2008 : 12:11:59 PM
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| We can probably help. We are direct hard money lender, need more information. Please email the info. privatelender4u@gmail.com |
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