Posted by Jimmy on February 23, 2006 at 13:37:14:
if the bank likes you and likes your deal, any business banker can do a cross-collateralized loan like the one you describe. You will probably be looking at a 15 year amortization, as 30’s are not typically available for commercial stuff [and if you find one, please post the info on this board].
My lender does these for me all the time, but they are a regional bank in the south.
Commerical/ Blanket Loan Question… - Posted by Mj
Posted by Mj on February 23, 2006 at 11:04:44:
In search of a blanket loan.
Here’s the scenario, does anyone know of a quirky Commercial lender that may tackle this deal???
Looking for a rate and term refinance- needs to be at or below 9%
1 million loan amount/ value 1.25 million - 80% LTV
Portfolio is in Seneca Falls NY
Six duplexes fully occupied, Three office buildings- fully occupied, strip plaza {containing a Gas station w/ a convienient store-vacant, car wash-occupied, laundromat-occupied}
AS IS without gas station being occupied can debt service 1.20 with a Million dollar loan amount, they currently owe 950k
Sr. partner in corporation is a very strong borrower 700+ fico, over 200k in liquid assets, full doc
Can any commercial lender do this or recommend a blanket lender please let me know, thanks.
Re: Commerical/ Blanket Loan Question. - Posted by ZACH
Posted by ZACH on February 23, 2006 at 17:16:51:
Tried to email you on this one, is mj28@yahoo.com not that right email?