Posted by JOHN MYLER on August 03, 2004 at 18:05:41:
We are a nationwide commercial lender. We can do a wide variety of types of loans and properties. We can do STATED commercial loans, BRIDGE loans and commercial LINES OF CREDIT on construction projects. If you would like to discuss a scenario please give me a call.
John Myler
Sunset Commercial Group
877-767-5259 ext. 6
971-563-6218 - CELL (CALL FIRST)
Commercial Financing - Posted by Sue(NC)
Posted by Sue(NC) on January 29, 2003 at 11:17:22:
Wow…It’s been awhile. I used to visit (&post) all of the time a few years ago… But I’ve been busy investing 
But I was wondering if anyone knew of a good & flexible commercial lender…
The property I’m looking at is an office building in foreclosure. It’s likely to sell around 2M. Unfortunately, under those terms of sale, it’s difficult if not impossible to get much income history from the current owner.
I do have rent rolls (and unfortunately, a company owned by the current owner also leases about 10% of the rentable space). I also am a part owner of the building next door, so I know that the rents are reasonable. And the vacancy rate for our adjoining building has been quite low despite the unfavorable rental climate… it seems that there is a bigger demand for class B-C office space, versus the overbuild class A stuff.
I’m looking at a cap rate of about 16% at the price of 2M.
Here are my limitations and abilities:
I have quite strong financials.
I will need to close within 30 days of the end-of-bidding.
I can likely get the Phase I quickly.
I will NOT have the owners tax/income history.
I will NOT have copies of any existing leases.
There are some city-mandated updates that will need to be completed by 2006. I don’t mind escrowing for these, but would like it if the escrow were built into the purchase price/downpayment numbers so that I keep my leveraged position. Of course, I would do the deal even if that part won’t work.
Anyone have any ideas?
Re: Commercial Financing - Posted by Wayne IL
Posted by Wayne IL on February 01, 2003 at 08:08:48:
What you need is a bridge or interim loan which can close in 2 weeks or so.
We have several sources, minimum loan sizes $1 or $1.5 million, 5-7 points, interest only (rate will be high with a uick close, probably 12%-16% versus 5% or so on a 60 day close), 12-36 month term, no prepayment penalties.
This type loan gets the property under control, provides time to get the property leased out. Once you have some history, refinance for the longer term.
Wayne IL