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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
steveprobiz@gmail.com
https://probizloans.net/
949.228.1050
