Updated almost 5 years ago on .
What Commercial Loans are Closing Nowadays?
Construction Special Use Property – Commercial Loans
Next month, a mini-golf course will be opening in Atlanta, GA, which is another construction loan that I got for the client after banks turned them down. In fact, 4 of the last 6 closings I have had have been startup loans with some level of construction in them. We are getting tough deals and easy deals and many deals done…even after they have been turned down. Rising costs may put a damper on some construction projects but for the projects that want to get funded, we have the capital available. It is a wonderful feeling to know you are the catalyst for someone’s dream.
$1 Million Cash-Out Commercial Loans Refinance
The loan was with a large regional bank and got denied because they wanted $1 million cash out commercial loans. The bank would only give them a maximum of $500,000 that is half of what they needed. If that wasn't bad enough, they also low balled them on the appraisal making the LTV higher which bumped the rate to 4.5%. Knowing they could not get the cash required from this bank they approached two (2) other banks only to find there were similar cash out restrictions or they weren't interested which they blamed on Covid.
They just assumed the deal was dead when a mutual friend suggested that they call us. When they saw it would cost them nothing to find out if we could help them, they applied. They were stunned when they got our commercial loans term sheet. Not only were they able to get the cash they needed for the buyout but the rate was 1% lower (3.4% on a 10 year fixed with a 30-year amortization). The other bank had a 5 year fixed with a 25-year amortization. Better rate, better terms and they now own the property without a problematic partner. The Clients are thrilled about their commercial loans. Just because we are the place to go when the banks say no does NOT mean our rates are higher in this case we were 1% LOWER than the banks.
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Wishing You the Best,
Karen Schimpf
| Commercial Capital, LTD |
e: KarenSchimpf at gmail.com |
P.S. My niche is in helping finance SBA Start-Ups, finance Special Use Commercial Properties, Apartment Loans and Hard Money Bridge Loans. I BRING COMMERCIAL MONEY FROM AROUND THE COUNTRY TO LOCAL MARKETPLACES INSURING THE MOST LIKELIHOOD OF CLOSING. The key is placing the borrower with the lender that most suits that borrower's strengths. I do it better than anyone. Give me a call today so you can get your loan closed at O:512-354-5949 or click here to get started by completing the form.