Getting a commercial loan approval

Overland Park, Kansas
Mortgage Brokers & Lenders
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Getting a commercial loan approval

Nene Gana
Member since 2023 · 3 posts · 0 votes

Hello every one, I am new to real estate invest investing and I bidded on a commercial property and won the bid . I am trying so hard to finance the property but the process is taking so longer than I expected . I got a quote for 75 LTV, 12.74 apr but close in less than 30 days which is more than time i have left on my contract. Please I just need some guidance on how to go about this . I am really hoping someone here could guide me on how to go through this .

sincerely

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  • Scott WolfPro Member
    Lender · Boca Raton, FL · Member since 2014 · 1k+ posts · 960 votes
    3y
    Quote from @Nene Gana:

    Hello every one, I am new to real estate invest investing and I bidded on a commercial property and won the bid . I am trying so hard to finance the property but the process is taking so longer than I expected . I got a quote for 75 LTV, 12.74 apr but close in less than 30 days which is more than time i have left on my contract. Please I just need some guidance on how to go about this . I am really hoping someone here could guide me on how to go through this .

    sincerely


    Nene, a HML or bridge lender might be your best bet. If you send some details, I can probably assist. When's the closing date?

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  • Erik EstradaBusiness Member
    Lender · Los Angeles, CA · Member since 2022 · 7k+ posts · 1k+ votes
    3y
    Quote from @Nene Gana:

    Hello every one, I am new to real estate invest investing and I bidded on a commercial property and won the bid . I am trying so hard to finance the property but the process is taking so longer than I expected . I got a quote for 75 LTV, 12.74 apr but close in less than 30 days which is more than time i have left on my contract. Please I just need some guidance on how to go about this . I am really hoping someone here could guide me on how to go through this .

    sincerely


     Hi Nene, 

    What kind of commercial property is this and what kind of financing are you obtaining? Traditional commercial lending takes longer, but it sounds like you are working with a DSCR only/stated income commercial lender based on the interest rate quoted.

    If it is a 1-12 unit or mixed use you may finance this under a DSCR loan. Closing times typically take 30 days on this loan.

    [email protected]818-269-7983
    LuxePrivate Investments LLC 571 Reviews
    WebsiteView Page
    0Reply
  • Nene Gana
    OP
    Member since 2023 · 3 posts · 0 votes
    3y

    Thank you for responding to my post . The closing date is 09/30, with posibility of 15 days extentiob with proof of financing

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  • Nene Gana
    OP
    Member since 2023 · 3 posts · 0 votes
    3y

    Thank you for responding to my post . The closing date is 09/30, with posibility of 15 days extention with proof of financing. 

    Yes its a DSCR loan

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  • Erik EstradaBusiness Member
    Lender · Los Angeles, CA · Member since 2022 · 7k+ posts · 1k+ votes
    3y
    Quote from @Nene Gana:

    Thank you for responding to my post . The closing date is 09/30, with posibility of 15 days extention with proof of financing. 

    Yes its a DSCR loan


     Got it. Depending on the unit count, your fico, and experience, you may get a rate much better than 12.47% on this loan

    [email protected]818-269-7983
    LuxePrivate Investments LLC 571 Reviews
    WebsiteView Page
    0Reply
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