HI, i need either a hard money loan or a reguilar commercial loan for one of my clients 90% LTV mixed use 1 over 1… loan amt. is about 750,000
Waiting to close my 90% LTV commercial deal at 1.4 million.
So why can’t you do it. What seems to be the problem? Fico issue or down payment issue. Is the property on contract? Did the buyer seen the property yet?
Need more info.
1 Project/Property Description Overview
2 Pictures & Map of the Property
3 Preliminary Title Report (if available)
4 Copy of Purchase and Sale Agreement (if applicable)
5 Business Plan (if applicable)
6 Use of proceeds
7 Repayment Plan / Exit Strategy
8 Existing Appraisal Reports (if available)
9 Other Existing Third Party Reports
(Environmental/Engineering if available) Phase 1 & Phase 2
10 Comparable Rentals or Sales (if applicable)
11 2 Years Operating Statements of Business (if applicable)
12 Current Rent Roll showing concessions (if applicable)
13 2 Years Tax Returns of Business (if applicable)
14 Company Organizational Documents (if applicable)
15 Zoning Information (if available)
16 Permits/Status (if applicable)
17 Principal(s) Personal Financial Statements
18 Principal(s) Resume or Bio.
19 2 Years Personal Tax Returns
20 Copy of 1st Note, 2nd Note (if applicable)
21 Completed Application Form
22 Signed Commitment Letter
23 Good Faith Deposit
90% should not be a problem. However, like Johnny has listed here, we would need to know more about the property.
Like everyone has stated, more information would make the final decision. But a 90% LTV loan is no problem.
Hello,
If you can give more info about the deal that would help.
Working on this loan myself. It is in New York.Doable if I have full cooperation, not someone telling you how to underwrite the loan.
Great post with the requirements JOHNNY Q…
I may have a lender that could help your client. I am a mortgage broker. If you are also a mortagage broker, are you interested in co-brokering this loan?