Real Estate Backed

[luckysylvester]

Auto mechanic shop just appraised at $550k has a mortgage with $200k remaining, Credit score 650-675 looking for $150k to consolidate, pay off debt and lower monthly cost. Will take $350K and pay off first on an interest only and refi in 24 motnhs Only does 20k month in revenues

[UptownCommercialCapital]

I could get him a low documentation hard money loan.
takes 2 - 3 weeks to close
Up to 65% loan to current appraised value
12-24 month term
Interest rates 12% +/-
interest only payments with balloon payment at end of term
All credit types considered, open bankruptcies ok
Would pay 1 point broker fee to you. If interested let me know, you can email me at info@uptowncommercialcapital.com.
Thank you

[BLF]

Did you get this deal done?

[Jstarr]

It all sounds good upfront, and because its a mechanic shop we would have to order a PH1 environmental and if they see any indication of potential contamination in the past 15 years, then comes PH2 and that is expensive and could potentially kill the deal - he is better off with an MCA or Term.