Note: Our Commercial Finance division is part of a larger Commercial house. With over active 350 lenders in our relationship list, we can close everything from neighborhood business, to combined, multi-Wall St, conduit-type loans. This is the periodic blog from our office.
Closing of the Week!
Loan Amount: $5,050,000.00
The Story: This deal was referred to me by the realtors, a roughly $7.2 Million dollar purchase. Like most deals that come my way, this one was having problems getting financed. It cash flowed fine, but it’s location, historically low occupancy and tenant mix made for a tough loan. The main tenant was a small school and financials were unavailable. Added to this, the borrower was from out of state. That pretty much kicks out all the local banks for any loan above 65%. Still, the borrower had great credit, had enough to put 30% down and the property cash flowed. I knew I could get conventional rates-just had to put it with the right source.
I got the loan and went to work. Quick no’s from the credit unions on location and occupancy, and the conduit lenders for tenant mix and terms on the leases, made this even tougher than I originally thought. Still, I was able to get one of my favorite sources to put the loan on their balance sheet and still give the client good long term fixed conventional rates. I had terms to the borrower in 48 hours. The borrower agreed to the terms, and we worked the loan through to the closing. We closed ON TIME MEANING the contract closing date-no extensions, no delays.
The client got a property that has great cash flow now but with tons of upside for down the road. We closed on time and everyone was happy. If you have a loan that needs to get closed, if closing that loan on time really matters, then why not give us a call. I will have terms out in writing typically in 48 hours. My team and I will work that loan until the closing. Big loans, small loans, SBA loans or private money loans, we do it all. Give us a call today. Be blessed!
P.S. Rates are SUPER LOW right now, many asset classes are into the 3’s for long term financing-give us a call today!!!!!!
P.P.S. Don’t forget about our PRIVATE MONEY LOANS: Sometimes loans can NOT get done conventionally or through SBA. Whether it is because they have to close in two (2) weeks or the credit is horrible or some other factor, sometimes no bank will touch a loan. In those cases, private money may be an option. We have our OWN private money and we have a lot of money to lend. I underwrite the deals and my brother is credit committee and if we both like it, we will issue a commitment and close the loan as long as appraisal and title come in fine. We WILL accept bank ordered appraisals if they are recently done. In those cases, we can close lightning quick. We actually closed a loan once in five (5) days! Although three (3) weeks is more the norm. We will do loans as small as $100,000 and as large as $1.5 million. We have lender partners that can close loans up to $100,000,000! When speed is needed and certainty of funding matters, we are the BEST option available- so call today for a free pre-qualification or to discuss options that may be available to you.