What’s Closing Now – Commercial Private Money Loans!
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.
Deal of the Week
Are you getting concerned how long it is taking to close your SBA real estate deal? Or is your business just miss qualifying for SBA or conventional? We have a solution for you with our Commercial Private Money Loans! The deal below just closed Friday, Feb. 25, 2022, with our private money fund.
THE DEAL
Borrower owned a daycare in Las Vegas, NV.
She was an excellent operator with 700 a credit score.
She wanted to buy another daycare that she knew was being poorly run.
She was able to get the daycare for essentially free, just paying for the property of $750,000.
Normally this would be an SBA deal. She had tried lots of SBA lenders, all denied it because she did not have two (2) years of tax returns. The borrower started her daycare in 2020 just before Covid hit. The business not only survived, but her 2021 numbers were great. SHE DID NOT HAVE TIME TO FILE THE 2021 RETURNS AND CLOSE QUICKLY ENOUGH FOR THE SELLER. Hence, she needed private money. Enter…our fund.
领英推荐
The deal came in at the beginning of February and had to close by the 25th for the borrower to file for a necessary grant by the deadline of the 28th. We had to close in three (3) weeks. She had enough money to put down so our loan amount was only $462,500 on a $750,000 loan.
We had everything you want in a loan, low LTV, great credit, and good cash flow. Once she files her returns, it will be an easy refinance to SBA which I will facilitate for her. I underwrote the exit strategy and will help her with the refinance.
We got all the third parties back, everything checked out and were able to close it in the three (3) week time frame. This borrower is expanding her business and because our payments are interest-only, she could afford the payment. Realtors win, the seller gets what they want and our borrower is happy and now hard at work building her daycare “empire”. If you need money fast, and just miss qualifying for SBA or conventional, give me a call at 512-358-1511 today or get started by filling out this form!
Karen Schimpf
Commercial Capital, Ltd.
(512)-359-358-1511
karenschimpf at gmail.com
Give me a CALL TODAY at 512-358-1511 or get started by filling out this form!