All Forum Posts by: Ken Jernigan

@Account Closed It's just that I've been involved in two different commercial deals that were construction and neither developer had the money to complete. We didn't find out until late in the process, so shame on us. One we found a construction lender for him through a long hard process and the other we had to dump the developer and start all over again.

Business needs to cash flow to cover existing and proposed debt by 1.2-1.3X. Not usually a problem financing transfer of business and property to a family member as long as the seller is walking away from the business. Everything else being good--appraisal, environmental, personal credit--this should be financiable.

@Joel Owens Amen. Read before signing. Also most PGs are "joint and several" meaning if "another person" disappears in the night, you're on the hook for the entire debt.

SBA will do up to 90% financing for SS. Lots of people think SBA's tough to do but if you find an experienced lender, the deals get done.

Just to update SBA options for something like this--if your business occupies 51% or more of the square footage, you may be eligible for 90% LTV loan for 25 years. But SBA will not loan for tenant finish out.

I would ask why he wants to close before the project is delivered. Have you verified he has the funding to complete?

Anyone know a good leak detection service with MHP experience in eastern NC?

@Michael Wagner Think you mean August to May. We've found while some students may leave for the summer, their stuff doesn't. It's much easier to store than to move. Universities are not just about undergraduates. Institutions with good professional programs attract students year round. Also, there are faculty and staff, plus the businesses created to serve the community. 

May be eligible for SBA loan if RV income is more than 50%.

@Jay Hinrichs Unfortunately, loan pools are breeding grounds for obfuscation.