How often recently have you heard those words?  But it is true on our 504 replacement loan.  You have heard us talk about this product for a couple of weeks. 
 
Quite simply, it works like this…give us a deal where the first mortgage lender has backed off the loan for whatever reason, and we will step into their place with a first mortgage approval and GET THE DEAL CLOSED QUICKLY.  Multiple CDC’s have begun to refer these deals to us and are happy with the results.  In FL, we should be closing the first of these this week – in less than 5 weeks start to finish.  What is really exciting though is that when it comes to hotels, we actually FAVOR those deals.
 
In New Mexico, we are stepping into a $5 Million first mortgage on a hotel that just got completed. AND WITH THE PASSING OF HR5297 AND THE ABILITY TO DO REFINANCES, WE COULD DO REFINANCES OF HOTEL LOANS ON THE 504 PRODUCT!  HOW MANY OF THOSE DO YOU COME ACROSS?  Think of the extra revenue this can mean!  To run a scenario by me, or for more information, just give me a call at 866-355-1244 or e-mail your scenario or authorization to my assistant Seth Parr at commercialseth@gmail.com and we will get working on it right away.  Hotel loans – now you have a place for them!  Give me a call today!
 
Have a great week,
 
Brian Peart
 
P.S. Our new Fast Track 504 Replacement Program is helping CDC’s right NOW get more loans closed.  We will take that deal that is dragging or dead from the first mortgage lender and close it with your approval in less than 45 days.  And we actually WANT hotel loans!  Call me today for more information or to run a deal by me at 866-355-1244.

 
*** Construction and gas stations are not available on the replacement 504 program. ***