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tmpierja
3 Posts |
 Posted - 06/10/2008 : 08:35:31 AM
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I am looking for a wholesale lender who can provide financing for a new customer with special needs.
My customer just got approved by the county. The county is allowing him to start a new charter school. He will manage through a governing board. He will have a principle located at the school, who will handle day-to-day activities. There will be 162 students. His funding will be from the state. His first check for school funding will arrive in August. That check will be for $200,000. His next next check for same amount will be received in October. In addition, in three weeks, he is do to receive another check for $175,000 to cover basic supplies plus additional 65% of the cost of furniture.
He can provide a budget, projections and proforma contract. He says he has a CPA and an attorney helping him.
He has found a suitable building and now needs financing. He is looking for 80% LTV, 30 year financing.
The problem I am running into is that he only has two credit bureaus reporting. One has him at a 628 credit score and the other has him at a 597. He suffered a chapter 7 discharged in 2/06. He is currently working as a Pastor for a church and he says his average income is $2,000 per month. He is a college graduate.
The school will not be associated with or run by a church.
I have him cleaning up his credit right now and I feel we can bring his lower score up to at least a low 600 within the next two to three weeks.
I think I am looking at the SBA for financing. Is there anyone that can help? Any suggestions regarding who to call? |
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EMScommercial
4780 Posts |
Posted - 06/10/2008 : 08:43:02 AM
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Well.... what is the property type he is looking to buy? Is it considered an office bldg?
If so, the requested LTV% may be o.k. What is the purchase price? He realizes there will be fees involved in this/any commercial deal - right?
You say that you may be looking for SBA - we have 63 direct lending sources approved with the sba.....
If conventional office building the number is 302 currently.....
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 350+ 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 receive your submission and an account managers will be assigned. Within one business day you will be contacted - starting 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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ComLender
1254 Posts |
Posted - 06/10/2008 : 10:30:22 AM
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| SBA doesn't fund non-profit orgs, which I would assume the Charter School is. That being said, you can likely find 75-80% LTV for this type of project, but will need to overcome the BK and would likely be wise to see if you can get another sponsor on the deal. |
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