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financebiz
916 Posts |
 Posted - 06/26/2009 : 8:59:28 PM
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My self employeed borrower is purchasing a Michigan (Wayne County) building. Any suggestions on any commercial lenders who can actually close a loan???????? |
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service1
586 Posts |
Posted - 06/27/2009 : 10:02:51 AM
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If your clients business will occupy the building, we may be able to help.
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financebiz
916 Posts |
Posted - 06/27/2009 : 10:58:51 AM
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quote:
Originally posted by financebiz
My self employeed borrower is purchasing a Michigan (Wayne County) building. Any suggestions on any commercial lenders who can actually close a loan????????
He will occupy the building. He grew out of his current space which is next door to this vacant building.
2 years ago the propety appraised for 2.5 million. It is bank owned and they accepted $500,000. He can put $150,000 - $250,000 of his own money and will need a commercial loan for the rest.
His business is a document recovery system. They recover data and restore paper documents that have been damaged by water (such as county documents, etc...) He works nationawide. His buisness makes about $6,000,000 a year.
I've seen $1,500,000 in assets, and his mid fico score is 709.
Do you have a checklist and I will prepare and scan a full package.
email: securitymortgagecorp@msn.com
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financebiz
916 Posts |
Posted - 06/27/2009 : 11:09:37 AM
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quote:
Originally posted by service1
If your clients business will occupy the building, we may be able to help.
I check out your website and found the checklists.
What could be some potential show stoppers?
What would rates be at par as he would rather pay for higher closing cots?
Thanks |
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service1
586 Posts |
Posted - 06/27/2009 : 2:19:36 PM
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quote:
Originally posted by financebiz
quote:
Originally posted by service1
If your clients business will occupy the building, we may be able to help.
I check out your website and found the checklists.
What could be some potential show stoppers?
What would rates be at par as he would rather pay for higher closing cots?
Thanks
TJ,
May be best if I answer your questions over the phone. I take calls on weekends and my number is below. CH
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jdbfin
1 Posts |
Posted - 06/27/2009 : 3:51:20 PM
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If your property is income producing and you have a solid exit, we might be able to help.
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dwallace
784 Posts |
Posted - 06/27/2009 : 7:29:24 PM
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As you may know, Michigan is a tough state to lend in based upon the economy.
We could do a 90% LTC deal on this type of project for the borrower. We just got approved a $1.5M deal secured by property just outside of Detroit for a company whose largest client is Ford. Not too many commercial lenders can get those types of deals done.
If we can help please let me know.
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financebiz
916 Posts |
Posted - 06/28/2009 : 7:12:54 PM
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quote:
Originally posted by dwallace
As you may know, Michigan is a tough state to lend in based upon the economy.
We could do a 90% LTC deal on this type of project for the borrower. We just got approved a $1.5M deal secured by property just outside of Detroit for a company whose largest client is Ford. Not too many commercial lenders can get those types of deals done.
If we can help please let me know.
What was the rate & term? |
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Matt W.
2164 Posts |
Posted - 06/29/2009 : 12:28:34 PM
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Sounds like this could go with a SBA 504 loan if the financials are there (last 3 years).
Minimum loan amount $250k. |
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champakstmtn
19 Posts |
Posted - 07/04/2009 : 10:04:29 PM
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Yes this would be very easy to do..
SBA is better deal..
can include some working capital and some
equipment ..purcahse..or accounts receivables.
easy to get 70% --to 80% loan
It is too small for me ..If it wa sin Georgia
I could help...
I prefer One Million and up...
I am a Commercial Mortgage Broker in Atlanta, Georgia.
Champak C Shah
RIPA Financial Servcies, Inc
P. O. Box 870168
Stone Mountain, Georgia 30087
champakstmtn@bellsouth.net
404 488 6137 |
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fbusi
194 Posts |
Posted - 07/05/2009 : 6:33:20 PM
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We still have our stated commercial product available...
If you are looking to skip a lot of the red tape.
quote:
Originally posted by financebiz
My self employeed borrower is purchasing a Michigan (Wayne County) building. Any suggestions on any commercial lenders who can actually close a loan????????
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ksandie
69 Posts |
Posted - 07/06/2009 : 12:43:10 PM
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Financebiz~
Hi. Email me directly with your Executive Summary and we can help you out.
Thanks!
Kathryn |
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