Re: NEED CASH…YESTERDAY! - Posted by Jim Rayner
Posted by Jim Rayner on August 03, 2003 at 06:54:11:
I get the impression from your comments that you may have not yet taken this deal to the proper lending resource. a nine unit building absolutely is a commercial deal and as such you need to take the financing opportunity to to right door to get it refinanced.
Interestingly that lender is probably right in your own back yard. You have perhaps heard this here in the financing forum but I will restate it: this is the perfect deal for your small local community bank. I don’t mean the local branch of a larger regional bank. Small local community banks have a vested interest in the community as well as a requirement to meet local lending requirments.
If your deal is stable and peforming and will hold up to an appraisal it should be a slam dunk deal at 75% LTV with cash out. On commercial deals your credit is not the most important lending criteria. Often times the local lender has their own credit scoring system so your low FICO might not even be an issue. The local bank looks primarily to the property for the loan repayment.
So put together an APOD, some photos of the property, the rent rolls, a personal financial statement, then call the commercial loan officer for an appointment, and then get down to your small local bank this week. I think you will be pleasantly surprised.