Commercial Loans Blog

December 6th, 2011 10:39 AM
Big Retail for Lease by jbcurio, on Flickr
Creative Commons Attribution 2.0 Generic License  by  jbcurio 
 
Business Refinance - Cash Out $1,000,000?
Where: New York
This one could not go with conventional lending due to the fact that the borrower was put on a cash basis with his vendors and was months behind on paying them. We went for a bridge loan but found out that the property was in the process of having a remedial investigation done by the state for hazardous waste from an on site dry cleaner. We got through that and found out that the borrower did not divulge that he had sold part of the property and was leasing it back from someone and did not have it corrected on title. Once we made it through all of these hurdles his background check came back that he had been arrested for fire bombing his competitor. After all of this we finally got it closed and he was able to get cash out to catch up on all his bills and use the rest to grow his business.
If you are a business owner and want to refinance your commercial property, no one has more resources than we do.
Wishing You the Best,
Karen Schimpf
Toll: 866-400-8630
http://bizloansconnections.com/
Posted by Karen Schimpf on December 6th, 2011 10:39 AMPost a Comment (0)

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