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RickoJC
71 Posts |
 Posted - 05/01/2008 : 5:18:35 PM
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H there - got all the way through to approval and because it was a not for profit business it got delined - this came up when they asked for tax returns. This is a large governement voucher paid for day care center - it makes money for costs etc. such as the mortgage but it was classed a no recourse loan which is a new one to me - any ideas anyone... Low LTV. Good appraisal etc. Low credit scores for the borrowers...
Thanks,
Rick. |
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shizah
509 Posts |
Posted - 05/01/2008 : 6:34:28 PM
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| what the heck do you mean by it was classed a no recourse loan? clear that up and you might some help. |
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msancheznj
2243 Posts |
Posted - 05/01/2008 : 6:43:29 PM
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| Maybe it means they can't put a personal guarantor because it's a Non-Profit. |
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shizah
509 Posts |
Posted - 05/01/2008 : 7:04:30 PM
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| could be??? but who knows??? the mystery continues. |
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RickoJC
71 Posts |
Posted - 05/02/2008 : 08:42:58 AM
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| As pointed out it was classed as a NO RECOURSE loan and as I mentioned that is a new one to me :) |
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ccbank
1351 Posts |
Posted - 05/03/2008 : 09:33:16 AM
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| We lend to Non Profit orgainizations. call me to discuss the scenario. |
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Quicksilver
4839 Posts |
Posted - 05/03/2008 : 10:24:58 AM
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| Non Profit is one thing, but what do you mean by "No Recourse"? You sure its not Non Recourse? Sounds like it would mean the same thing (no personal liability) but I've never heard somebody use the term "No Recourse". |
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mortgagemessiah
8003 Posts |
Posted - 05/04/2008 : 07:16:34 AM
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quote:
Originally posted by RickoJC
H there - got all the way through to approval and because it was a not for profit business it got delined - this came up when they asked for tax returns. This is a large governement voucher paid for day care center - it makes money for costs etc. such as the mortgage but it was classed a no recourse loan which is a new one to me - any ideas anyone... Low LTV. Good appraisal etc. Low credit scores for the borrowers...
Thanks,
Rick.
It doesn't sound like he knows what he's talking about |
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RickoJC
71 Posts |
Posted - 05/05/2008 : 08:46:13 AM
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I know what I am talking about just fine - they told me it was declined because there was NO RECOURSE if the loan was defaulted. If you cannot be constructive or helpful then don't bother responding - I did talk to 2 commercial people, who had some input and were helpful, and they both understood, and both said they could not do it for the same reasons...
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EMScommercial
5141 Posts |
Posted - 05/05/2008 : 09:11:12 AM
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ricko.... you probably should drop the attitude..... people are asking you for further info to try to help.....
if your borrower's organization could not stand on it's own (i.e. tax returns, income docs) then there would have to be a recourse loan.... since this is not for profit organization, this type of loan usually won't work....
just because a group is 'non profit', doesn't mean that they don't show sufficient income to pay the bills.... |
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RickoJC
71 Posts |
Posted - 05/07/2008 : 09:25:15 AM
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Sorry didn't realise this is high school and that you are allowed to put me in the corner or in time out.
Asking for further info is constructive and does not "get an attitude" - saying I don't know what I am talking about does.
Like I said before, I got such a bad attitude - if you have questions or if I can provide more info I am more than willing - if not don't bother responding. |
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EMScommercial
5141 Posts |
Posted - 05/07/2008 : 09:45:53 AM
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| whatever |
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