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I'm looking for a second on a commercial loan

Good morning! I hope you're well. I received a call from a friend of mine the other day who is looking to purchase a multi-family complex. He asked me if I knew of any second mortgages out there.

I checked with our capital department manager and he wasn't aware of anything. Are you? The deal works without the second but it works even better with it. If you know of anyone who would be willing to be in second position, please let me know. Loan amount is $800,000. The first is $4.8 million. Thanks again! Have a great day!

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Paul McFadden

Posted by Paul McFadden Mortgage Loan Officer Bellevue Washington Home Loans on 09/02/2009 08:48 AM

Comments (6)

Commercial Loans in the Mortgage / Finance Channel

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6 Comments on I'm looking for a second on a commercial loan

SEP

I was going to say 2 words to you, Paul......"good luck," but I can't always be a smart A__. Try a hard money lender perhaps.

SEP

Thanks, Larry. I appreciate it. So far, no bites. I'll keep you posted if I find something. Take care.

SEP

You can try talking to some of the lenders on our free Multifamily lender search at:

http://www.scotsmanguide.com/default.asp?ID=1326

I did a quick search for 2nd TD lenders at $800K in WA and got several results:

http://www.scotsmanguide.com/default.asp?ID=1326&Command=default&state=WA&LoanAmount=800000&Cat2=16&LTV=&LoanCriteria=&DSCR=&Form+Submit=Search&Cat1Desc=&Cat2Desc=&Cat3Desc=

Let me know if you have any questions about the search engine.

SEP

Thanks, Dan. I appreciate your input. Have a great day!

NOV

We use this site exclusively for our commercial loan originations, try it out maybe you will get lucky. Its a free LOS for commercial loans, and has over 100 lenders in the system. http://bit.ly/1Tfc2M

NOV

Thanks, Steve. I've been referred to the Scotsman Guide and this seems to be a good resource. Have a great day!

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