$560,000 Pizza/Gas Station Refinance of a Private Money Loan….

Posted by in Brian's Blog, Commercial Real Estate, Recent Closings

Where? Delaware

Type? This borrower bought the property 2 years ago with a private money loan because he could not qualify for SBA at the time.  We then took him and refinanced him into an SBA loan with great rates in the 5’s.  His past credit history, the type of property and marginal cash flow caused no less than 5 lenders to tell him no!   But I played up the low LTV (property was worth $950,000 a 59% LTV which is VERY low for an SBA 7A loan).  I took the deal to a lender that loves collateral and was ok with the property type and got it closed last month.  A true case of a borrower not giving up and a broker who knows all the lenders from around the country and bringing all that knowledge to your local marketplace.  Give me a call today and see how I can help you!