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em5353
3 Posts |
 Posted - 05/09/2008 : 11:46:49 AM
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11 unit apartment building
Guy need a short term loan to pay off a note of 775K
1.4M estimated value
I dont do commercial so I am looking for a little guidance here.
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Txhmc
98 Posts |
Posted - 05/09/2008 : 11:51:57 AM
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| How short of a term and where is the property |
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em5353
3 Posts |
Posted - 05/09/2008 : 11:53:25 AM
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3 year term would suffice.
Property in California |
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swmsn
3984 Posts |
Posted - 05/09/2008 : 1:34:39 PM
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Most Hard Money guys are going to be at 12 months. Some will allow an option to extend. Since rates will probably be at 12% your borrower can probably take the 12 months, and get everything right with his credit, the building, and the finances to refi into a conventional loan in that time. ( This will also serve as your Exit Strategy to pay back the loan )
Nationwide with 99% of Hard Money Lenders you will see rates 12%-16%
Lender fees 2-5
Terms 12-36 months.
I can help you with this. Email me and I'll give you a list of docs needed for review. |
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dkny
135 Posts |
Posted - 05/09/2008 : 4:02:09 PM
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| If the property in CA I may get you 9.90% rate and close with 5 days but only up to 18 months. |
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acassociate
160 Posts |
Posted - 05/10/2008 : 09:55:05 AM
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TRY YMS IN CA.. THEY CAN DO HAR DMONEY COMMERCAIL... 619.253.4264
quote:
Originally posted by em5353
11 unit apartment building
Guy need a short term loan to pay off a note of 775K
1.4M estimated value
I dont do commercial so I am looking for a little guidance here.
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steelman
244 Posts |
Posted - 05/11/2008 : 10:15:35 AM
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NATIONWIDE COMMERCIAL BRIDGE (NO FICO)
LENDING IN:
Nationwide - Metropolitan Areas Only
AZ, CA, NV - $200K Minimum Loan Amount 200k
All other states - 55% 500k min loan.
200k-100m LA
for Az.Ca,NV
Tier 1 and 2 65% max
Tier 3 60% max
Tier 4 55% max
FAST CLOSINGS
For Commercial : Fill page (2 and 3)
Of sub form!
1008/1003/credit
appraisal/ exec summary
48 hour turn times.
BridgLock Capital
John Tringadjis
904-207-0515
jtringadjis@yahoo.com
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ag957
271 Posts |
Posted - 05/12/2008 : 07:20:40 AM
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We do short or longer term residential and commercial hard money loans in California
- no prepayment penalties
- $200K to $20M
- 1sts/2nds - up to 65% LTV
Art Gilberg
Trust Deed Investments, Inc. - Direct Hard Money
Tel: 415-760-2338
Email: agilberg@aol.com |
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EMScommercial
3565 Posts |
Posted - 05/12/2008 : 07:42:58 AM
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Is speed the only factor that you believe you need 'hard money'?
Even hard money will take around a month to complete underwriting.
There are many commercial lenders..... each with their own niches and ways of doing things.... there is no standard governmental way of doing things in the 'commercial world' as there is with residential.....
This is why alot of brokers who are unfamiliar with commercial lending either shy away from taking on a client or they take on the client and don't handle the situation correctly.... Our commercial division has grown exponentially by providing excellent service and avenues of financing that take years of experience to obtain....
We handle all the leg work with the lender... putting the files together and getting them off to various lenders.... ordering appraisals.... etc..... don't worry that you don't know what you are doing with commercial - much different world than residential!.... let us work on your deals...
Co-brokering with my company - who likes the challenges of brokering commercial loans - is a good way to keep the client happy and your bottom line happy...
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!! **
Not to say others can't help you.... but I will say that not many have the network of lending sources that we do....
Our network of over 325 commercial funding sources which we are direct brokers for (lenders, banks, private money, hedge funds, insurance companies, etc.) - NATIONWIDE ... and Beyond!!! - could be just what you need for your commercial deal(s).....
Alot of our lending sources will not talk to the typical broker off of the street.... our relationships are hard earned....
We can handle your scenario (or any of your coworkers/friends/business associates/relatives/etc...)..... We have under our belt everything from apartment buildings to restaurants to rv parks to auto garages to acquisition and development of residential, retail and office products to casino financing to nascar team financing to from casino boat financing to medical offices.... etc. etc. etc.
The staff of highly trained and motivated of account managers will be your direct contact through out the process….. they will build the file and get it ready for the selected lending source’s underwriter to quickly process through their system….. this saves a lot of time and helps to ensure success….
We let no moss grow under our loans!
Please contact me (us) 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.
Remember... We only get paid when the thing funds!
Thank you.....
Hyperlink to our page for submissions - very straight forward and simple - http://www.eclipsemortgageservices.com/body_contactme.php - we will instantaneously receive word of you submission and one of our account managers will be assigned and within one business day, you will be contacted and we can start the process!
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
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