bkelly42
18 Posts |
 Posted - 07/15/2008 : 3:03:21 PM
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New STATED commercial product as many small businesses do not show income after expenses and can no longer get financing from their local bank. It is not credit score driven but the shape of the real estate and the strength of the borrower are the main factors:
$100k to $750k - all property types including the hard to finance funeral homes, church's, restaurants, bars, day care and even ADULT Entertainment which nobody else is doing - (all property types except gas stations).
Low 500 FICO's OK- the story is a factor - ie mtg lates OK- must have the problem behind them.
LTV 50 - 75%max
25yr fixed, 25 yr ammo, 5,4,3,2,1 PP - NO LOCKOUT 11% - 14% (we are only 1 of a few lenders doing these loans)! RATES are not the issue with these loans------- we will close these loans in 30 days.
The banks are not doing these loans anymore. The brokers I work with are selling this to their CPA and Banking contacts as a solution for their customers who cannot get the funding that was available to them just a few years ago. No one else is doing the the Adult entertainment stated (cash business) and we have brokers going after everyone of these in their respective areas.
These deals can close in 30 days!! Call me or email to review our easy process.
No FEES upfront!!
Interbay used to have a similar product but it does not exist today!!
Brian Kelly
LNB Commercial Capital
cell: 508-934-6440
fax: 206-339-4953
BrianK@LNBcapital.com
www.LNBcapital.com
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