All Funding Options (AFO) recently helped these companies secure financing:
Commercial Real Estate Refi/ Cash-out – An attorney owned a commercial building along with another partner in which his office was leasing space from. The balance on the existing mortgage was $100k and he needed a $250k cash out to buy the partner out of the real estate. The property had an appraised value of $650k so it was at a 54% LTV. He had been to a few banks and they declined him because they couldn’t approve the cash out. AFO was able to find him a bank that could approve him for a fixed 15 year rate/term at 5.50%.
Commercial Investment Real Estate Refi – An owner of a commercial investment property was looking to refinance his existing mortgage i/a/o of $671k. It recently appraised at $1.6m so LTV at 41%. The property was only leased out 50% so it was not cash flowing but the owner had a business that could cash flow it. AFO was able to find him a bank that could approve him for a fixed 15 year rate/term at 4.79% along with a Line of Credit for $400k.
Commercial Real Estate Refi/Cash-out – An owner of some commercial real estate which had a restaurant she owned on it along with a rental cottage was looking to refinance her current note with a private lender at a lower rate and get a cash out to consolidate some debt and for some improvements on the property. Total loan request of $220k with a LTV at 50%. She currently couldn’t get approved for bank financing so AFO was able to find a private lender that could finance this at a rate of 10% which was 4% lower than what she currently had been paying. The loan was structured for interest payments only with a balloon due in 2 years. She plans on selling the property within that timeframe which would pay off the loan.
Commercial Real Estate Purchase – A audio sound equipment company out of New York was looking to purchase a property here in Florida with a warehouse so when they were working in the area, they had a place to store their vehicles and equipment. The purchase price was $425k and they had 20% to put down. They were declined by several banks because of their DSC ratio. AFO was able to find a bank that could get the DSC ratios to work and approved a conventional loan at a fixed rate of 5.50% for 5 years with a 20 yr. amortization.
Commercial Real Estate Purchase of a Hotel – An owner of a flag hotel wanted to buy out a partner in another hotel. Because she was a foreign national, her bank could only finance a LTV at 50%. She needed a 70% LTV. AFO was able to find her 2 banks that could approve her for the loan amount of $3,850,000 at a fixed rate of 5.25% for 5 years with a 20 yr. amortization.
Construction Account Receivable Factoring – A new contracting company that has been growing quickly was looking for a bank Line of Credit. Because they are a new business, could not qualify for one. AFO was able to find them a factoring company that could factor their A/R in the construction industry until they can qualify for bank financing.
Please keep us in mind with any of your customers that are in need of any type of financing either through a bank or an alternative source. We know how to structure the deal to find them the financing they need and negotiate the best rates and terms. We save your customers the time and effort in having to go through the process and it usually doesn’t cost them any additional monies in working with us!