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dvillasmil
72 Posts |
 Posted - 05/09/2008 : 5:50:59 PM
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I have a buyer that need 90% Financing for a Commercial Purchase They will be buying a Standalone building to operate their funeral home business that have been running for over 4 years, with a experience in the business of 6 Years, The Score is 700+ Pprice is $740k. Property is Located in Broward Florida.
Please answer ASAP |
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swmsn
4181 Posts |
Posted - 05/09/2008 : 8:55:02 PM
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Owner Occ, Full Doc, 90% MAYBE.
Difficulty is showing Debt Service at this high of an ltv,
and the obvious 90%.
Email me and I'll give you a list of docs I need to see.
With that review I'll see if 90% is possible, |
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service1
241 Posts |
Posted - 05/10/2008 : 10:09:30 PM
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Daniel,
With credit score that high, we may be able to to 90%, and at a good rate. Please call to discuss.
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ktucker
45 Posts |
Posted - 05/11/2008 : 3:50:45 PM
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We can go up to 90% LTV for owner occupied properties. Give me a call
Upon receipt of these documents and an approximate amount you would like to finance, we guarantee pre-approval within 24 hours (assuming you qualify). Just send us by fax, email, overnight mail the following documents:
• The Authorization to Release Credit Information Form(s) for all principals*.
• Personal Financial Statement(s) for all principals*.
• The last three years of complete personal income tax returns for all principals*.
• The last three years of complete corporate tax returns for the business/operating company.
• Business Schedule of Liabilities on the business/operating company dated within the past 90 days.
• Interim financial statement(s) (Income Statement/Profit and Loss and Balance Sheet) for the business/operating company dated within the past 90 days.
* Principals are any proprietors, partners and stockholders owning 20% or more of voting stock and all guarantors.
Preferred projects are owner-occupied properties (acquisition or construction) between $300,000 and $5,000,000; however this is not an absolute requirement.
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bizlender
13 Posts |
Posted - 05/12/2008 : 07:18:59 AM
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| I may be able to provide 90% LTV financing for this purchase. We are a direct lender owned and financed by Merrill Lynch. Please call me to discuss the details of this loan. If we can get to 90% LTV, loan term would be 25 years, fully amortizing with a rate around 7.00%. |
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EMScommercial
4444 Posts |
Posted - 05/12/2008 : 07:45:47 AM
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I am very surprised to hear folks on here stating they think they could do this funeral home at 90%!
I am comfortable stating that 75-80% would be the safe range one could expect as far as LTV on this type of specialized property.
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 325+ entries as of today (lenders, banks, private money, hedge funds, pension 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!
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
Thank you... |
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swmsn
4181 Posts |
Posted - 05/12/2008 : 1:37:25 PM
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I was going to use a Unsecured probably and also if a purchase they could do a DP program.
I asked to see if the property will even Debt Service at 90%, just to show the broker and get the borrowers mind set on the right place.
When I saw other people writing they could do this I was as surprised ( that anyone would say they could as you are ! ) :)
You know how people are...
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dwallace
459 Posts |
Posted - 05/12/2008 : 3:46:45 PM
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90% purchase money would not be a problem. We can do 90% on any type of owner-occupied properties regardless if they are special-use or not (except for hotels/motels). If they are considered multi-use properties (which includes restaurants) and the business has been in business for at least two years then you can easily use the SBA 504 program. Otherwise we have two other similar programs that don't differentiate between multi and special use (aside from hotels/motels) and we can go up to 90%.
Otherwise the SBA 504 program goes up to 85% on special-use properties which is very common and a great program (20-year fixed rate of 6.5% currently). |
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Bruce@Met-West.c
256 Posts |
Posted - 05/12/2008 : 10:36:23 PM
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| We offer up to 90% Full Doc, Occ, choice of 5, 10 or 30 yr fixed, amort 30 yrs. |
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