Hi there! I'm Pat Allen and I have a client that would like to refinance a mixed use property in a suburb of Dallas, Texas. The client would like to avoid a short term bridge loan and instead refinance with something along the lines of a 5 or 7 year ARM or ideally something even longer if possible. Credit in the mid-600's. Building cash flows very well with all lower level suites leased and 14 of 16 apartments leased as well. Amount owed is $778,000. Value should come in at around $1.9 million. Not interested in hard money. We all have access to that. Need something with reasonable terms so that this client can increase her cash flow. She is currently paying 7.9% and her current loan must be refinanced by 5/21.
Please message me here if you have something that would help her!
I'd say to reach out if you're amicable to working with a broker, but that mid-600s fico is going to be tough to mitigate even with alt/portfolio lenders, and so is the loan amount on some level. Might have one or 2 potential sources. Have you called around to any local/regional banks or CU's near the property?? What hasn't the client been able to go get bank/CU financing? What's been the major issues? Feel free to email/message. Thanks, Jared
Do you need any kind of loan to fund your project? if yes, let us know so we can send you more about the lending program. Contact us firstname.lastname@example.org
Happy to connect, If you ever intend to secure a loan for real estate, I will be able to help. We do 100% financing with one of the best rates in the market.
Hello Pat Allen,
I’m a commercial mortgage broker with no upfront fee. I would be happy to assist your client with obtaining a loan. Minimum 620 FICO, rates from 4.25%+, up to a 75% LTV, up to a 10 year term and up to a 30 year amortization. Close within 45 days.
Contact me to discuss further and/or to obtain a Soft Quote outlining the specific loan terms, cost and reserve requirements.
Have you secured funding for this property yet? If you haven't can you let me know here or at email@example.com. I maybe able to assist you in getting it done