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What the clients were up against:
The borrower, a nonprofit organization that provides housing for individuals requiring supportive housing, needed capital to address deferred maintenance across several properties, fund marketing efforts to improve occupancy, and replenish working capital previously invested into improvements at one of the four properties.
Solution:
While the portfolio had substantial equity, this transaction presented several unique challenges. The loan needed to be structured as a non-recourse loan to a nonprofit-owned LLC, and careful consideration had to be given to both the borrower structure and property use. Ultimately, the collateral, ability to repay meant this deal just made sense.
As is typically the case, this was a stated loan, required minimal paperwork especially when compared to a traditional lender, and once we had everything from the borrower the loan closed quick.
The loan highlighted here is a great example of the cross collateralized loans we close on a regular basis. These loans are not just for purchases. Our cross collateralized loans (1 loan on multiple properties) work for clients needing to borrow for investment property purchases (bridge loans), business purposes, property rehab, construction completion, investments, etc, etc. We lend on residential, commercial, mixed-use, duplexes/triplexes/four-plex and more.
If you have a client who fits any of the situations below, give me a call me at 510-463-4876. If the loan makes sense, the LTV works and the borrower has the ability to repay, we can fund it. Our loans require minimal documentation and typically close within 10–14 days
Loan Scenarios we see include:
- Cross Collateralized loans (100% purchase / Bridge Loan purchase / cash-out)
- Cash out for Business Purpose on Owner Occ
- Investor Purchase Loans
- Investor Rehab Loans
- Time constraints - Borrower needs quick close
- Borrower with unseasoned funds needs to close on purchase
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Loans on Residential, Commercial, Condo, Duplex/Triplex/Fourplex, mixed-use, Condo-Warehouse, Gas Stations, Vacant Land etc, etc
- Foreign Nationals
- Lease-option purchase with little or no money down
- Divorce, Probate, Partner Buyouts
- Borrower w/good credit wants to buy property, but is a few months away from having the taxes he needs completed for a conventional loan.
- 1031 Exchange and Reverse Exchange
Unlike other companies you get emails from, we're not a "Johnny-come-lately" lender. We have been a leader in the private lending space since 1999. I myself have been in Private Lending for over 30 years.
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