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peter
6464 Posts |
 Posted - 11/04/2009 : 6:37:36 PM
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We are looking for a small commercial loan of about
$ 168,000 or 60% LTV on an office condo with a market
value of $280,000. Property is free and clear and
has a seasoned monthly rental income of $1,450. Full doc
or stated. Los Angeles, CA.
Direct lenders with proven title records shown as lenders
of record in Los Angeles please.
Any offer?
Peter |
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mcmoney
743 Posts |
Posted - 11/05/2009 : 06:21:22 AM
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I really don't think this thing is going to debt service based upon those numbers. Plus, that loan amount is going to be quite tough.
It may be worth a call to Apex Lending out of PA. You're probably looking at about 10%.... Maybe a bit higher.... They are a lender; part of First Trust Bank.
APEX Mortgage Corp.
185 Commerce Drive
Unit 102
Fort Washington, PA
19034
Melissa Foxall - Account Executive
Email: mfoxall@APEXmtg.com
Extension: 223
1-800-262-APEX
(T) 215-283-8880
(F) 215-283-8885
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mcmoney
743 Posts |
Posted - 11/05/2009 : 06:29:54 AM
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Peter, more details.... (Note: I DO NOT work for this company)
Current Promotions Offered
Non-Profits, Churches, Houses of Worship
Now Eligible!
Loan Maximum: $400,000
LTV Maximum: 60%
Simply collect 2 years business financials
and tax returns for your non-profit
organization and forward to APEX to underwrite the file.
EZ Under $100,000 Commercial Mortgage
* Same day approval
* No income verification
* Loans from 25-100K
* Rates as low as 10.50%
* Funding in less than 30 days
* Restricted Appraisal used - Not Complete Report
* Refund appraisal up to 1 point towards closing costs
If you have not received a copy of APEX’s Guidelines, Call today! 800-262-2739
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aaron1976
885 Posts |
Posted - 11/05/2009 : 11:22:07 AM
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| We would be at 60% LTV max. I can provide a list of title records verifying we are a direct lender. Feel free to call and discuss. |
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aaron1976
885 Posts |
Posted - 11/05/2009 : 11:31:41 AM
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| We would be at 60% LTV max. I can provide a list of title records verifying we are a direct lender. Feel free to call and discuss. |
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peter
6464 Posts |
Posted - 11/05/2009 : 11:38:32 AM
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Aaron, you've got my mail.
Thanks to everyone for the offers.
Peter |
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omk124
20 Posts |
Posted - 11/06/2009 : 3:27:31 PM
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i have a no fee option for you
call me to discuss
Omar
Wells Fargo Bank
310-426-3813 |
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Quicksilver
5940 Posts |
Posted - 11/06/2009 : 3:43:14 PM
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I don't see this loan working out, it's not going to debt service. Main strike is the small amount, very very few options under 500K.. and Apex can do this stuff as can other small portfolio lenders but rates suck. Not such thing as stated either, stated options (which I don't even know who has anymore) still looked at full income and rent roll etc of the business/property
Just as an idea at 168K at a generous 8% and amortized for 30 years (which very few offer), your looking at $1,233.14 for payment. Rent Roll is 1450, whats the net income as well? I just don't see how this property will debt service. |
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peter
6464 Posts |
Posted - 11/06/2009 : 7:18:33 PM
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Chris, I fully understand your logic. Pls note:
1) Property is free and clear.
2) Office park association monthly due is $232/mo.
3) Property tax is 201.25 per month.
Other solutions:
1) Cross-collateralization with the owner's other
residential properties. Is this possible?
2) Non arm's length for-sale-by-owner to her employed
daughter with a newly increased monthly rent to $2,500
a month. The existing tenant has been getting an
under-the-market rent for 7 years at $1,450 per month,
without any increase asked by the owner although the
appreciation has increased over the years. It is an
office condo in an office park in an affluent city of
Los Angeles County. The office park is fully rented
with no vacancy.
3) Purchase of this subject condo by a family pension trust,
as an LLC
Please advise possibilities. Thank you.
Peter |
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rocky007
491 Posts |
Posted - 11/07/2009 : 07:17:23 AM
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Need COMMERCIAL Funding?
for refi or purchase. FULL Doc only!
Funding available up to $5 Million(minimum 300K preferred)
Commercial Real Estate Projects Only
up to 65%ltv on most deals
Nationwide! 20 to 30 day closing possible
660 minimum fico needed
All 50 States.............
Hotels(less than 15 yrs. old), Office Buildings, Office-Warehouse Combos, Owner Occupied Commercial Properties(businesses), Franchises, and more!!! Just Ask!
Sorry NO... NO start ups, no construction, no marinas/mobile home & RV parks, no condotels, no real estate resid. apt to condo conversions, no residential construction, no car washes, gas stations, no adult entertainment/bars, no golf courses and no land deals, auto dealerships, no churches
--
Cary Wolf,
Business Development Manager, WMG Funding Partners
Commercial Loan Brokers
Email me your scenario for quickest reply!
wmgpromo@aol.com
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dolan2000
86 Posts |
Posted - 11/08/2009 : 4:06:26 PM
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I like the idea of asking for title records to prove the lender is direct.
This should be a more common practice |
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