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$2.63 Million Cash Out Refinance on Scattered Townhomes in a Large Subdivision.
The situation: The borrower owned 2 properties. One was 27 townhomes in a large community that had no homeowners association, the other was 22 townhomes in an 87 unit complex that had a townhome condominium association-this is what made the deal tricky. This is what we call a “fractured” deal. You see this more often with condos where someone is buying 10 condos in an 80 Unit condo building but this deal involved a townhome condo association. THE BANKS WERE ALL SAYING NO, SO THE BORROWER TURNED TO US. We are the place to go when the banks say no!
We closed her on a 10 year fixed with a 30 year amortization at 5.3%. For a fractured town home deal, that is an excellent rate. Most people think when they come to us after the bank has turned them down, that we are going to give them a higher rate. BUT ACTUALLY, OVER 80% OF OUR CLOSINGS ARE CONVENTIONAL RATES-THE SAME RATES THEY WERE GETTING AT THE BANK THAT DENIED THEM. This particular deal had many hurdles to overcome including a low appraisal but we got an exception and got it done. When we take in a deal we fight to get it done. The final LTV on this cash out deal was 70%.
We do conventional investor loans, SBA loans-both 504 and 7A as well as alternative lending programs and private money. In fact, we have our own private money. And since we NEVER charge a fee to review the deal, you have nothing to lose by giving us a try. We get the loans closed. I close more commercial deals then anyone and should close over 10 loans just this month. Most of those will be SBA and conventional. When you have to get a loan closed, give us a call. 512-650-8630 or e-mail me at karenschimpf at gmail.com.
Have a blessed week!
P.S. I understand that it may be scary to refer people to anyone in commercial lending because it is such a different animal then something like a home loan. I try to take all that fear and risk away. I always discuss the situation with the client. I get clear on their goals and I get the information I need to determine if I can help them. I will then get them pre-approved with terms IN WRITING typically in 72 hours and I will do it all for NO CHARGE! In other words, I am the ONLY no risk referral in commercial lending. Since I close more loans than anyone else in the country, it is likely I am the most experienced referral that you could give. Call me today at (512)650-8630 or e-mail me at karenschimpf at gmail.com. Don’t worry, I will take great care of them. Call me today- 512-650-8630.