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DADDY380
397 Posts |
 Posted - 07/03/2008 : 10:12:29 AM
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2 BROTHERS OWN AN OWNER OCCUPIED 2 story office building in Coral Gables, Florida---zip is 33134
Purchased for $2.2 million dollors in 2002
Remodeled totally-total cost of $1.5million
Owe $3million-and all they want to do is a rate and term refinance
Value at least $6million-so they would be going 50%ltv or less
Owners have excellent credit-they can go full doc and can verify plenty of asetts
2 story building -has 12 offices-that look like small palaces
Building is only building in the area that comes with their own parking lot-that's serious added value!
Currently the building is 100% owner occupied-but the owners want to allocate 50% of the offices for rental income as they do not need all of that space.-but for the sake of this loan I am looking at this as owner occupied to keep it simple as they are not considering renting out the units until later on in the year
They do not have a rentroll and do not pay rent through their LLC as they just pay the mortgage-----and have no lease agreements set up for their own company
Property made of 100% concrete
They currently have a 7.25% with gibraltor -and want a much better rate
Its considered an historical building in a very upscale area of the Gables
Property is 8500-9200 sq feet under air
These are seasoned investors as they own other commercial property in the area-all rented out
Please note a few things as this has come up with the last bank I dealt with---even though they have 700 scores and can verify almost 12m in liquid asetts---this has to be done as a stated income loan as the accountant has not done the taxes in over 3 years as he has an extension in place and I have an accountant letter to explain this---alos they had filed a bankruptcy with their old copr several years ago-bit is not connected to this property at all---so in essnce looking for the best alternative commercial loan program that will give me a rate in the 6's if possible as this is what they are looking for
Looking for the best deal on a 3 5 7 or long term fixed-they are open to suggestions-but want a good rate
best way to contact me is email--these clients are hungry to move quick--thanks
daniel
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joseph@ajtm
61 Posts |
Posted - 07/03/2008 : 10:57:16 AM
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Daniel, if the deal is that good we could be in the 6.45% range. Send me something on this. I won't be able to present it till Monday.
Joseph Tomasi
joseph@ajtmfinancial.com |
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ComLender
1266 Posts |
Posted - 07/03/2008 : 11:19:39 AM
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| If they start filing their tax returns, give me a call. |
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jskolnick
233 Posts |
Posted - 07/03/2008 : 12:29:24 PM
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Please feel free to contact me at any time to discuss your loan scenario. The tax issues are going to be a big problem. Extensions only are good for 6 months. They are delinquent. That may require alternate sources.
We are commercial mortgage brokers.
We can arrange any type of asset based lending. From lines of credit to accounts receivable, purchase order, equipment financing to real estate. We maintain relationships with a variety of different banks. This gives us the ability to offer the best terms for loans from $500,000.00 and up. Loans can be submitted through our web site, www.greenmountainfs.com, via e-mail to greenmountainfs@gmail.com or call us at 516-596-1456.
Jerry Skolnick
Green Mountain Financial Services, Ltd.
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