Last few weeks I have shared recent closings with you so you can get a feel for what is closing in the commercial arena right now. Here are two (2) more that closed in the last week….

Location: FL

The loan was with a large regional bank and got denied because they wanted $1 million cash out and the bank would only give them a maximum of $500,000 that is half of what they needed. If that wasn’t bad enough, they also lowballed them on the appraisal making the LTV higher which bumped the rate to 4.5%. Knowing they could not get the cash required from this bank they approached two (2) other banks only to find there were similar cash out restrictions or they weren’t interested which they blamed on Covid. They just assumed the deal was dead when a mutual friend suggested that they call us. When they saw it would cost them nothing to find out if we could help them, they applied. They were stunned when they got our term sheet. Not only were they able to get the cash they needed for the buyout but the rate was 1% lower (3.4% on a 10 year fixed with a 30-year amortization). The other bank had a 5 year fixed with a 25-year amortization. Better rate, better terms and they now own the property without a problematic partner. The Clients are thrilled. Just because we are the place to go when the banks say no does NOT mean our rates are higher in this case we were 1% LOWER than the banks.

CLOSED IN 42 DAYS!

Location: SC

The borrower signed the original approval on March 11. It closed on 4/22 exactly 42 days from start to finish! If you are familiar with SBA right now, that is lightning fast! Now, this borrower was a rock star…..If the lender asked for a condition, he had it within 1 day. That is critical to closing a loan fast. You also need lenders that are NOT backed up with PPP loans. This was a new non-bank lender that has NO PPP loans to deal with so they are fast and hungry. This loan closed with JUST 10% down. We are still running 24-48 hours to get our initial term sheet out on SBA loans…and we have our own private money when speed is absolutely critical. If you want fast approvals and fast closings, there is just one number to call…512-358-1511 or   complete this form to get started.