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clarenceworley
3849 Posts |
 Posted - 07/22/2008 : 07:45:53 AM
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I have a small balance commercial loan that should be easy: 70-80% LTV take out of construction/rehab loans/lowes account totaling 189k.
In Galax, Virginia. Mixed use property- storefront leased to antique store on 1st floor(1500 sq ft.), owners to occupy 2nd floor and remaining property(3000 sq ft).
Value ~ 260k-300k after work completed, Loan amount ~ 198k.
Ficos 764 low.
Any suggestions?
thanks, |
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service1
265 Posts |
Posted - 07/22/2008 : 08:07:15 AM
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Michael,
If owners will occupy and run their business within the second floor space (not residential), PMC can help. Please call to discuss. |
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clarenceworley
3849 Posts |
Posted - 07/22/2008 : 08:12:00 AM
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| They will ive in the 2nd floor as their primary residence- making it a mixed use property with over 51% Owner occupied. |
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brad.easter
514 Posts |
Posted - 07/22/2008 : 08:16:15 AM
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Michael,
Mixed use with owner occupying more than 50% of the property sounds like a deal we would be very interested. We offer 8 hour term sheets and no money upfront for a loan approval.
Give me a call.
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Matt W.
1811 Posts |
Posted - 07/22/2008 : 08:17:39 AM
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We can use market rents to establish the DSCR since the loan amount is so small. Please contact me for Par pricing and programs.
Thanks,
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PinnaclePeters
1026 Posts |
Posted - 07/22/2008 : 08:32:08 AM
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| what was the purchase price and how long ago did they buy this property? |
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clarenceworley
3849 Posts |
Posted - 07/22/2008 : 08:40:06 AM
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They rent the first floor for $500/month..
They bought the property as part of a downtown renovation project for 80k in 11/06, and subsequently have put in 130k or so into renovating the building.
Current quote I have is a 5 year balloon 30 year amortization at ~ 8.75% and 9.75% on a straight 30 year. |
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brad.easter
514 Posts |
Posted - 07/22/2008 : 09:01:55 AM
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...and a quote is worth what?
Term Sheets in 8 hours or less, over 8,100 loan programs, no upfront fees for loan approval (rate LOCK).
Call me to close this deal.
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clarenceworley
3849 Posts |
Posted - 07/22/2008 : 09:30:21 AM
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quote:
Originally posted by brad.easter
...and a quote is worth what?
Term Sheets in 8 hours or less, over 8,100 loan programs, no upfront fees for loan approval (rate LOCK).
Call me to close this deal.
Itwas a quote from our prefered internal lender. |
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brad.easter
514 Posts |
Posted - 07/22/2008 : 09:49:18 AM
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Again, I ask the question...a quote is worth what?
Look, no disrespect here but, there must be a reason you are posting to this board if you have a "Preferred Internal Lender." This would lead me to one of two conclusions:
1. Your guy can't close the deal according to the parameters listed.
2. You are shopping your guy because you are not confident with the "quote."
Either way, you are going to get shopped by the client! I can get you a loan APPROVAL to take to your client.
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gman1958
274 Posts |
Posted - 07/22/2008 : 12:53:34 PM
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8100 loan programs???
wow...how can you keep track of all the gudiline changes??
quote:
Originally posted by brad.easter
...and a quote is worth what?
Term Sheets in 8 hours or less, over 8,100 loan programs, no upfront fees for loan approval (rate LOCK).
Call me to close this deal.
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markapex
339 Posts |
Posted - 07/23/2008 : 06:20:43 AM
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If the work is complete and both units occupied we should be able to do a 70% LTV.
Apex Mortgage is a commercial mortgage portfolio lender owned by First Trust Bank, FDIC. We are a small balance lender doing loans from $25,000 to $750,000 in 43 states. Our terms run to a max of 25 years, fixed or ARM with no balloons or lock-outs. We offer brokers the ability to earn 2 points in YSP.
While we are not a hard money lender, most of our deals are in the 575 to 660 credit score range.
We underwrite, process, close and service all of our loans. We never send files out to another company for any reason.
Mark Langman
Apex Mortgage
800-262-2739, ext. 221
215-283-8885 fax
mlangman@apexmtg.com
www.apexmtg.com
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clarenceworley
3849 Posts |
Posted - 07/23/2008 : 07:09:56 AM
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quote:
Originally posted by brad.easter
Again, I ask the question...a quote is worth what?
Look, no disrespect here but, there must be a reason you are posting to this board if you have a "Preferred Internal Lender." This would lead me to one of two conclusions:
1. Your guy can't close the deal according to the parameters listed.
2. You are shopping your guy because you are not confident with the "quote."
Either way, you are going to get shopped by the client! I can get you a loan APPROVAL to take to your client.
Brad, what do you need to issue an approval? I can fax it over to you today. |
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