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  • Wedding Venue - 11 positions - $424,000 MCA loans - $233,000 a monthj

    Lender calls me who is in 9th position Wedding venue with a $980,000 current mortgage 11 positions:

    $424,000 in MCA loans

    $233,000 a month in payments plus mortgage payment

    Very difficult property. Acreage and liquidity issue

    Got a hard money property loan LOI for 50% LTV on estimated value of $3.6M

    This would be a loan amount of $1.8 M 1% a month interest only payment would amount to $18,000 a month.

    Pay off the mortgage of $980,000 Pay off all the MCA loans of $424,000 Leave $400,000 cash out for improvements and loan fees.

    3% broker fee I split with broker/lender who sent it to me

    Steve Benjamin
    Professional Business Loans
    Irvine, CA 92620