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What’s Closing Now: Alternative Commercial Financing!
Here is a look at some recent closings within the last 90 days. I like to post these every couple of months to just give you a feel for some of the things that are happening in Commercial. The Alternative Financing marketplace is particularly hot right now – three (3) of our closings in the last 30 days were Alternative Financing Deals. These deals ALWAYS have some hair on them that causes other banks to struggle but we have the resources to get it done for you. If you need a loan closed, if actually getting the money is the most important thing to you…give me a call! I will screen the deal and pre-underwrite it for FREE. We are the only no-risk option in commercial. Now on to some closings……
$4,525,000 Retail Shopping Center Purchase…..
Location: Lawrenceville, GA
Type: This deal was originally misquoted by the bank and after 2 months in process, they came back with an approval of only 70% LTV. The borrower did not have enough to close needing 75%. It was tough to get 75% because of a lot of mom and pop retailers, an older center, and a good amount of short term roll over on the leases. There was no time to waste as the contract was a 90 day contract and the bank wasted 2 months coming to a decision and counter offer a full 10% below their original quote. I jumped into action, got a quick approval THROUGH AN ALT-CMBS LENDER and then worked the loan through to close in 33 days! The borrower closed with a 5.15% rate on a 10 year fixed with a 30 ear amortization and NO BROKER POINTS. EVERYONE was happy from Realtors to borrowers. Our Alt-CMBS saved the day.
$885,000 Mobile Home Purchase…..
Type: This deal posed a problem for the local banks and lenders because about 30% of the park needed rehab and repair and it was not functional. The borrower was a good borrower with a proven track record running these but the property looked to dumpy for the banks. The borrower could possibly go bridge but bridge rates on a junkie mobile home park of less then $700,000 loan amount was going to be above 10% and the borrower was choking on the rate. We have a plethora of resources INCLUDING ALT-A Financing and we were able to get him closed at 75% LTV with a 5 year fixed rate under 8%-that is cheaper than a lot of SBA Loans! I can do these loans with NO POINTS as well. This means we can work with other mortgage brokers to get deals done since you can charge your points and be on the closing statement.
$665,000 Owner Occupied Refinance-STATED INCOME!
Type: This borrower had a note coming due and the lender did not want to extend. He tried to refinance with other banks but his income on his returns were not strong enough to qualify and he got many denials. We have a STATED INCOME COMMERCIAL LOAN THAT ALLOWED THE BORROWER TO REFINANCE BASED ON HIS GOOD CREDIT AND EQUITY IN THE PROPERTY. This has always been the home of private money lenders but now with the new ALT-A loans, these clients can get fixed rates around 7 up to 9% with STATED INCOME and still quick closings.
Once again, when the banks say no….we say YES! Give me a call today at 512-650-8630 or get started by filling out this form. It costs nothing to call me and let me pre-qualify you and see what is available for you. Whether you own property now and want to refinance or pull cash out or you are looking to buy new property for investment or to house your business, the time is right to get financing-rates have been heading up but they are still historically low and so time is of the essence. Give me a call today! Commercial Capital, we are the place to go when the banks say no! Call Karen at 512-650-8630 or get started by filling out this form!