What Makes Business Loan Store Unique?
NON-RECOURSE LOANS ARE AVAILABLE
More than 70 percent of the loans we do at Business Loan Store are non-recourse. This is a great advantage for estate planning and asset protection. The key principals on the loan are not required to personally guarantee the loan. They do, however, have to sign the standard carve-out clauses (so that, in case of fraud, they can be held responsible). Instead of the individual guaranteeing the loan, the ownership entity such as the LLC, LP, corporation, etc. guarantees it. If there is a default, the lender can only go after the property itself, and cannot obtain a deficiency judgment and go after the individuals.
CASH OUT IS OK FOR ANY REASON
Most commercial banks today do not allow much, if any, cash out when refinancing your commercial property. This is usually for two reasons. First, they are concerned that you might invest the cash in another property or venture that might fail, and thus put the subject property at risk. Second, they are concerned that once you pull cash out, you will not have much at stake, and will let the property go downhill.
At Business Loan Store we have programs that allow cash out to 75 percent loan-to-value for any reason. It’s your money to do with as you like.
WE HAVE AN A+ RATING WITH THE BETTER BUSINESS BUREAU
Business Loan Store is very proud to have always had an A+ rating with the Better Business Bureau, with no complaints since we joined in 2004. We display its logo predominantly on our website. One of the reasons we have obtained the BBB’s highest rating is because we do not take up-front fees. An up-front fee is taken by a mortgage company for doing their due diligence on the loan. They can keep this deposit even if they never place your loan. Second, we have a 97 percent success rate of closing our loans as proposed. Borrowers get quite upset when you take a large amount of money from them for appraisals and other loan expenses, and then do not close on their loan.
FAST BRIDGE FUNDING, HARD MONEY
6% to 13%, up to 70%
Do you need a bridge loan (also known as a hard money loan)? Bridge loans are temporary loans used when a conventional loan will not work. Permanent or conventional loans, the ones with the best long-term fixed rates, require the following: 1) That the property be in good condition, 2) have 85 to 90 percent occupancy for a minimum of 6 to 12 months, and 3) have good income history — 12 to 24 months of good net operating income. If these three criteria are not met, then bridge financing might be the best solution. Also, if you need financing quickly, a bridge loan can close in as little as one week (average about three weeks). Bridge loans are usually used to rehab a commercial property or to purchase bank-owned REO properties.
Our bridge loans start at $500,000, with rates starting at 6.00 percent and 2.5 points on stronger transactions and loans of $3.5 million and above. Loans-to-values are between 65 and 70 percent. Call one of our friendly loan specialists to get a quote for your transaction today.