Posted by SusanL. on March 27, 2001 at 12:44:58:
Buyer wanted to refinance (now) because of the low interest rates that are being offered. He still has two years to go (with me) before the Note balloons.
Posted by SusanL. on March 27, 2001 at 12:44:58:
Buyer wanted to refinance (now) because of the low interest rates that are being offered. He still has two years to go (with me) before the Note balloons.
Round FOUR! - Posted by SusanL.–FL
Posted by SusanL.–FL on March 27, 2001 at 11:50:37:
Well…my buyer, Igor, was turned down yesterday for a commerical loan for the THIRD time… A crushing blow$ for me, at this point.
My broker, Dorothy, who I felt ‘could walk on water’, couldn’t get it for him. She DID suggest, however, that I try a portfolio lender in the same town as the commercial property.
Long story short–he is generating over a million $$ in business a year but only showing about $23,000 on his books as income. My first reaction was: lots of write-offs$ and a good accountant. She agreed. (Bin there/dun that also. Can’t have it both ways. If you defray your costs and pay lower taxes, the bankers don’t want to deal with you.)
I had a commercial lender lined up for him within the hour. They meet tomorrow.
On the plus side, the town the comc’l prop. resides in is going through a revitalization right now. The city is pumping a lot of money into it (Palmetto, FL). The banks want to keep the businesses there.
…and right now…I’m asking for everyone’s prayers.
I really need him to get this refinancing.
Thank you everyone.
Susan
Re: Round FOUR! - Posted by Jonathan Rexford
Posted by Jonathan Rexford on March 27, 2001 at 12:32:38:
Susan,
There is a company in Hollywood Called Interbay Funding. There wholesale division telephone number is (800) 347-0022. Depending on your buyer they have several stated programs. Have your mortgage broker give them a call. they have answered a lot of questions. They are not cheap on the rate but they can get it done for you if it can be done.
Good luck
Jonathan Rexford
1st Metropolitan Mortgage