DADDY380
397 Posts |
 Posted - 06/09/2008 : 4:07:22 PM
|
Buyer-borrower---with 700 scores –is looking at mainly taking a loan out on the powder coating paint machine that is worth over $1.6m.
They currently paid cash for the machine---they own it free and clear other than a balance of $100k on the machine through a lease company
Machine is installed and ready to use—been in use—HE purchased the property because the machine was already installed by a Japanese manufacturer
Ideally he would like to take a line of credit/or business loan strictly on the machine—with a new loan of around $500k+------going 35%ltv
BUT!—if it makes it easier—he will cross collateralize the commercial property that he owns---which is where the machine is located in---
Commercial property is worth $875k
He owes $520k---
So worse case scenario-would need a loan of $1.2m off of a total value of $2,075,000---going a total of 30%ltv/cltv
The machine is primarily used for powder coating of metals—for parts
I have financials/appraisal and other docs if you are serious
Is an owner 100% occupied business—he runs and operates
He has been self employed for about a year—but comes with 9 years of experience as he was the national sales manager for a company that offers this service
Looking for the best rate and terms as he needs the money to buy more goods for his business, such as aluminum from China and other much needed inventory.
Borrower can provide strong income through a balance sheet and profit and loss—as business is booming and sales are strong and needs to keep up with the supply
I have several letters of reference from buyers who use his service regularly
Has around $30k in the bank account as his money is tied up and needs to free some funds with the cash out
Please be advised that hey refuse to put up more than what would cost for an appraisal if you needed a new one as they had one done several months ago and a new one might not be needed. They will not pay more for some processing fees—as they have been screwed before on this
I have full details on this mkachine/inventory and relaestate property(if you need to take equity to cross collateralize—as they would prefer to keep the property out of the equation)
Let me know if you can do this!
daniel
3059408482 |
|
Search for: 
