The following is a list of recent loan requests which have funded or in closing currently.
Challenging $1,24mm Second mortgage with a $2mm Account receivable line.
Texas based company with significant merchant cash balances and account payables are now able to focus on the growth of their business after the closing of a $1.24mm second mortgage and $2mm AR line.
The financing results in over $60,000 of monthly net interest payments Savings to the company over the first 3 months of the agreement.
With the funding, he company was able to pay off their merchant cash advance lenders in full, pay their 2019 property taxes in full, and have cash remaining to purchase materials to complete new orders received over the past few weeks.
Second mortgages are very difficult to close, The equity in the property was sufficient to allow for out lender to go to a 70% Loan to value, without having to pay off the first position real estate lender.
$2,350,000 Foreclosure saving Bridge loan for Houston Texas area land owner - Our Texas focused land lender was able to bring a commitment letter for $2.3mm to save the property from foreclosure! This loan was secured even with the borrower currently in bankruptcy! The equity in his land provided the collateral needed to get the loan done. Land loans are challenging, fortunately a strong bridge lender I have closed prior Texas deals with was able to provide the funding needed.
Working capital loan for Florida dentist - A Miami area dentist looking to open a second office received a working capital line for construction of a second office. This request was funded within 72 hours of receiving the borrowers application.
$550,000 Fix and Flip loan in Chicago - The quickest closing I have ever been part of, a fantastic Chicago based lender provide a $300,000 cash out and a $250,000 rehab loan on a Chicago 4 unit. From the time of the first meeting to closing = 10 business days! The client was very organized, had all required docs ready to go for underwriting, and the lender executed seamlessly.
Asset Based Loan closing
$700,000 Line of credit backed by receivables - Louisiana client with significant credit challenges and high MCA balances was able to secure much need funding to pay off their high interest debt at a much lower cost of capital and get their companies finances pointed in the right direction to start the new year. We worked with the client to leverage their account receivables into the liquidity needed to turn their business around. Since the funding, the company has had much better cash flow.