Corporation has owner occupied Commercial Bldg in southeast Houston 77011 . No mortgage on bldg at present Looking for a mortgage of approx 100k to be used for upgrading equipment and purchasing inventory . Corp is in good standing and major shareholder of Corp. as co-signature has credit score high 800's Is 100 k to smalal an amount to get a lender interested.
Houston,TX | Jan 27th 2012
by tmctx_4...
Answer
by Bryan K...
Yes, it really is too small for most lenders. We can assist you, however, our minimum fee is $2,500. The lender will charge 3 point as well. The general terms would be 10-14% interest rate, 1 year term, interest only monthly, 60% LTV maximum. We could close it in approximately 21-28 days. Jan 27th 2012
by BertCar...
This is clearly a commercial loan purpose. If you are looking to use the funds to purchase inventory and equipment, you will probably have better luck going for a revolving commercial line of credit secured by the building. I would encourage you to look at small to mid size community banks in your immediate area. Clearly, if you are still banking at one of the big boys, you should be re-thinking that. Check with your local SBA office for recommendations as well. Good luck ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com Jan 27th 2012 |
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