Announcement

Collapse
No announcement yet.

User Profile

Collapse

Profile Sidebar

Collapse
Olderguy
Olderguy
Member
Last Activity: Yesterday, 11:58 PM
Joined: 12-19-2021
Location: Irvine, CA
  •  
  • Filter
  • Time
  • Show
  • Source
Clear All
new posts

  • 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
    steveprobiz@gmail.com
    https://probizloans.net/
    949.228.1050...
    See more | Go to post

  • Olderguy
    replied to manufacturing company seeks 2nd position
    What's the balance on the first?

    Steve Benjamin
    Professional Business Loans
    Irvine, CA 92620
    SteveProBiz@gmail.com
    https:/probizloans.net/
    949-228-1050...
    See more | Go to post

    Leave a comment:


  • Olderguy
    replied to Looking for new lenders
    Bro....that's like asking how high is up....post your email and I'll send you a list.


    Steve Benjamin
    Professional Business Loans
    Irvine, CA 92620
    SteveProBiz@gmail.com
    https:/probizloans.net/
    949-228-1050...
    See more | Go to post

    Leave a comment:


  • Olderguy
    replied to Medical Practice with 4 open advances
    More than likely over leveraged - probably won't qualify for much of a term loan if only $8,000 a month in debt payments is a struggle. Can't be much of a practice...Question...is the issue Accounts Receivable?...if so I have medical factoring companies that can factor medical. Do they have assets we can take a loan against to pay the debt? Medical equipment that's paid? Property with equity?

    Steve Benjamin
    Professional Business Loans
    Irvine, CA 92620
    SteveProBiz@gmail.com
    https:/probizloans.net/
    949-228-1050...
    See more | Go to post

    Leave a comment:


  • Getting a SBA approval a previous broker got denied....

    Here's what the broker submitted to his SBA bank:

    Covid has had very little impact on our business. During the height of the pandemic, we did some deep
    sanitizing which was a profit center. Except for the hassles of dealing with contractors getting sick and
    having to deal with scheduling, operations have remained stable.

    We are currently billing 103 different clients. We operate as a contract cleaning company. This simply
    means that we have contracts and are billing one time per month for services. Cleaning schedules range
    from 1 service monthly to 365 day per year service.

    We are simply looking to consolidate the debt that we currently have. This will give us the flexibility to
    pursue additional contracts and continue expansion. We are currently bidding 5 different contracts. One
    of the contracts will be approximately $2600.00 per Month. Three of the proposals are small accounts
    that would be $275- $400 per...
    See more | Go to post

  • Olderguy
    started a topic 9 positions $1.25M

    9 positions $1.25M

    9 positions, $1.25M



    Broker/lender called about his client that was over extended and wondered if I could do anything for him. He owned a country store in Hawaii that was encumbered by three mortgage loans and also had 6 MCA's - claimed his primary residence on the right angle street was free and clear for a hard money loan. Upon doing some analysis, I was able to determine that all the loans were on the store but the lot was actually the two addresses, with two structures and thus loans were encumbered by both structures. None of my lenders would touch it as there wouldn't be any "comps" or comparable sales of like properties on the island. I got a hold of a broker on the island and had him look up the assessments - he found each was assessed separately for a total of $2.2M. That suggests $2.5M - $2.75 valuation wasn't out of the question. Thus we could be looking at a 50% Loan to Value loan. I submitted that assessment information to one of my lenders...
    See more | Go to post
No activity results to display
Show More
Working...


Okay
X