Commercial Loan Needed 60% LTV

Here's my scenario:

My client purchased a building in downtown Tacoma about 6 months ago and his hard money loan is coming to maturity.

The property is tax assessed at 1.1M and he has an owing balance of 570k. He would like to do a rate and term refi.

The property is a mixed use building. It houses 2 condos, a deli, and a few warehouse spaces. My client has his VA available but I don't think that this scenario fits utilizing it. He does have a lower credit score so I'm hoping this deal can ride on the equity in the property. He has a construction company and he owns multiple rental properties also.

Please let me know if this is a scenario you may be able to facilitate or if you have any suggestions.

0 members like this

▶ Reply to This

Replies to This Discussion

Permalink Reply by Lorie Dotson on August 6, 2016 at 10:57pm

David P France is operating a scam. Yes, I am stupid and was scammed by 2 groups of people on this board. David P France is associated with Rapid Loans, LLC, William J Sheppard and Howard Lambert is one of many names and companies that are being used. This group says they are a private lender. They approve you with very little docs. They then tell you that you need to send an Origination Fee. In my case it was $1250 before the loan can fund. They have you send the money to a random persons account (someone else they are scamming). When it comes time for the loan to fund, they say another fee is needed. In my case this was $2892 for insurance which again was sent to an account which was not in the company name. Yes, I know I was naive. They promise this is the only other fee. I was strapped at the time so I paid it. Again, come time for the loan to fund the 2nd time and they say another fee is needed. In my case it was a VAT fee for $4252. I refused to pay it and asked for a refund per the contract. since, they have given me the run around about getting my refund. I have extensive info on connected companies and names. I have spoken with the lady who's account I transferred too. She is a widow on a fixed income and he told her she was getting a loan too.

Other company names used: PMP Direct Lending, Wright Place Loan Firm, Michael Hunter Ltd, Garret Clif Investment, CAHPS, LLC, WJS Capital Management, and Frank Eugene LLC (there are about 25 more with less relevance.

Other names used: Charles Wright, Tony Looney, William J Sheppard, Adam Sandal, Michael Hunter, David P France, William J Sheppard, Paz Reibman, John Cronin, Frank Eugene, Marleny Roman, and Regina Oresjovich (there are also others with less relevance). I have been in contact with many who have been scammed by the same group. I am still building my list. I also have over 300 pages of evidence. I have filed a complaint with the BBB because the banks used stated this was required. My lawyer is also in the process of putting a formal complaint together. This should be filed Monday. The police stated this is Business Fraud, Loan Fraud, Wire Fraud and Scamming. I also have a breech of contract