What is Closing Now - Everything (Our Lenders logjam is Lifting)!
Karen Schimpf
Commercial Loan Broker | Finding you commercial loan solutions. Specialized in SBA Loan, assisted living loan, memory care loan, hotel loan, , hard money loan. Saving you the effort, call today at 512-358-1511.
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?What is Closing Now - Everything (Our lenders logjam is Lifting)!
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One of the toughest things to navigate this year for me is the backlog that lenders had, especially banks.?Slammed with PPP loans and overworked and stressed out, a certain amount of mediocrity had infested many banks and lenders.?Their response to my pleas to move the loan at all were met with "deer in the headlights" numbness.?1 week to return a call??"You're lucky we even called you back."?Loan rolling for multiple months? "We are doing all we can".?And I believe for the most part they did do all they could but they just could not keep up.?However, that backlog is getting cleared out with many of the lenders.....Loans are closing fast and furious.?So I am just going to quickly list some loans.
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$4,814,890. Purchase and construction of start up daycare in NJ!
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Type: Construction start-up of a Daycare which is a tricky business to fund in Covid times.?Done on the SBA 7A loan.
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$1,278,500 Purchase with the SBA 504 Loan
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Type:?We talked about the 504 loan last week, it was used here to purchase a building for the borrower's business at 90% LTV and the blended fixed rate was in the 3's...HUGE!
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$1,084,300 Cash Out Refinance for construction in FL
Type: Borrower owned 2 quads (4 unit apartments)?and we cashed him out to acquire another lot and build another quad with AWESOME rates...in the high 3's and low 4's....
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$1,056,000 Refinance of Bridge Loan on Apartments in Brooklyn NY
Type:?Borrower had bought an old building and renovated it and rented it up and wanted to refinance to a great low rate.?We got him a long term fixed rate in the 3's for 30 years...Sweet!
$1,177,400.00 Cash Out Stated Income Loan in Jamestown, TX.
Type:?Borrowers purchase a home at a tax lien auction valued at $1,682,000.00 dollars 3 years ago for $50,000.00 dollars.?The clients went to the local bank to get cash out.?The borrowers were renting to the previous owner for $2,900.00 a month.?The monthly rental payment would not cover the mortgage payment.?The local bank wanted lend at 80% of the original purchase price of $50,000.00 dollars.?We got him a 30 year fixed rate with $1,177,400.00 cash out...amazing!
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$625,000 SBA 7A acquisition of a property for a Carpet company.?
?ALL of these loans are in the last month!?Things are REALLY loosening up!?We know who is lending, who is caught up and who is getting it done.?We get it closed...we execute.?If you want fast approvals and sure closings, there is just one number to call.. Call me today 512-354-5949 or ??complete this form to get started.
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Wishing You the Best,
Karen Schimpf
Commercial Capital, LTD
m: 512-354-5949
P.S. DID YOU KNOW??That over 90% of the commercial loans I get have been denied somewhere else? Did you also know, that in ALMOST EVERY CASE, I am able to get them a rate similar to the one they were quoted at the bank that denied them??IT NEVER HURTS to give me a call and run your deal by me.?I can review and underwrite your deal and get you approval in writing often in 48 hours and with NO COST TO YOU!?What do you have to lose???
Give me a call today to discuss your deal at 512-354-5949 or complete this form to get started.