Unfortunately, even after portions of the new stimulus dollars have been dispursed, many banks are still not lending to small businesses. The infusion of the Fed's capital has not loosened the lending as we'd like.
We are now facing the reality of 5 & 7 year balloon clauses written on commercial loans in '02 through '04 having, or soon coming due, as well. Value on many properties has dropped, and the bank's are not willing to always renew those notes. If this is what you or your borrowers/owners are facing, what do you do? What options exist for them or you? The answer to the dilemma may be found within an unique lending product.
Please consider the unique asset-based loan ... money lent solely on the size and strength of publicly traded stock. Some of the benefits of an asset-based loan are:
- There is no reporting of income.
- No appraisal needs to be done.
- No underwriting is involved in these loans.
If the borrower/owner has stock of substantial value, lending can occur at interest rates of 3.5% to 6%, interest-only, up to 80% of the value of the stock. You, or an owner, can payoff the bank note held with this new loan. The stock gets pledged as the loan's collateral.
If you, or someone you represent, is facing this scenario now or in the near future, please contact me for further information. This loan may afford a great opportunity to the situation you are facing, offer a unique solution to your lending needs, and place you on the right financial path for the future.
The opportunity for lending is open for those in multiple areas, as my company and I are fully licensed and able to assist in many states across the nation. I look forward to speaking with you very soon.
Gene Mundt, Professional Mortgage Banker www.genemundt.com Chicago Bancorp