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tagged: Brian Peart, Commercial Capital, commercial financing, commercial lending, commercial net branch, Featured, SBA$700,000 Private Money Loan
Posted by admin in Brian's Blog, Recent Closings
Where? Portland, ORE
Type: This was done with our own private money fund! This was a small general store purchase that was 50% Business only and the rest, real estate. Client had no experience and because this was not a franchise store and he was light on cash on hand-SBA was a no-go. But the store cash flowed and the deal made sense. We rolled over his IRA to get him 15%, got the seller to hold a standby second and loaned out the rest with our fund. I am the underwriter for that fund, my brother is credit committee. If the deal makes sense we can get it closed, often with restricted appraisals and often in under 30 days. When you need creativity for good deals that make sense but just can’t seem to get funded-one call does it all-call Brian Peart at 866-355-1244!
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This is great but explain the standby second? I’m from Oregon originally, now in Louisville. I was wondering where in Portland this was completed?
A standby second is a second mortgage that can not institute a foreclosure proceeding on the property for a period of time. The SBA will require it on seller seconds for 2-5 years depending. Now you can collect interest during that time but if the client does not pay you, there is nothing you can do until the standby period is up. It was somewhere outside of Portland, although I originated the loan, I did not do a site visit. We can do commercial loans anywhere in the country.