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