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Deal of the Week!
$4,525,000 Retail Shopping Plaza Purchase-Quick Close and Great Commercial Loan Rate!
Location: Atlanta, GA
The call came in frantic-Karen , "WE HAVE A CRISIS." It was from one of my favorite Real Estate Companies in GA. Borrower had been with a bank who promised them 80% LTV and 2 months into the loan, with just 30 days left to close, came back with a 70% approval.
The borrower did not have enough to close…the deal was dying. I got on the phone with the borrower, figured out what she did have and came up with a solution. Because the shopping center had a lot of local tenants, and was older, etc. it could not get 80% financing-THE BANK SHOULD HAVE NEVER QUOTED IT AT 80%!
I told her I could get her 75% financing at a LOWER RATE THEN THE BANK! That was good, but she was still short $200K. But she had another small piece of property she owned free and clear. We offered her the $200,000 on that property with our OWN INTERNAL PRIVATE MONEY FUND. With the situation solved, she moved ahead. We still had the problem of a 30 day close but we jumped into action.
The Client signed and wired the Due Diligence money on April 1 and we had to close by April 30th. And unfortunately, we missed the date by 3 days, closing last Friday, May 3. Yes, it took 33 days to close, but that is still a quick time frame and the borrower got a 10 year fixed loan of 5.18% with NO BROKER POINTS and was very happy. The bank had the deal for 2 months and offered 5.5% and 70% LTV. We got it done at 75% for less. Most importantly, it got done, the Realtors got paid and the borrower was happy. A complete win.
The Realtor afterward said, “Karen, You did a fantastic job will have some Omaha Steaks coming your way soon! Could not have gotten this deal done without you, looking forward to working with you again soon. Thanks again, Doug”
ALMOST EVERY LOAN I CLOSE GOT DENIED SOMEWHERE ELSE BEFORE COMING TO ME and yet usually, I can get them approved at the same rates OR BETTER than they were hoping to get at the place that denied them! And WITH NO BROKER POINTS. Same cost, better rates, but we actually close! The big banks are denying 70% of their loans and the local banks are denying 50% yet many of those deals are STRONG deals. They just don’t have the right lender. If you have been denied or know someone who has been denied by a lender or bank, give me a call. We close 80% of the term sheets we issue so your chance of success is MUCH greater with us and usually, the rate is the same or better. Just one call does it all at 512-650-8630 get started by completing the form .
Karen Schimpf
(512)-650-8630
karenschimpf at gmail.com
Give me a CALL TODAY at 512-650-8630 or 512-354-4949 or get started by completing the form.
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