Your Options Can Spell Success For Your Business

Several years ago we got a call from a very nice lady with an unusual business and type of property. She was at her wits end because she had a history of profitability, good equity and other real estate for cross-collateralization purposes but couldn’t find any lenders willing to provide the growth capital she wanted. All the lenders she contacted said that her property type was not one they financed.

What kind of property did she have? It was a multi use property that consisted of a strip mall with a bridal and tux shop, real estate office and one of the areas more popular banquet halls. We’re talking about a 9600 square foot building with a 3000 square foot dance floor, private dressing rooms, full kitchen, huge bandstand, full bar and liquor license. The problem was, there wasn’t any traditional rental income, as the borrower owned all of the businesses in the strip mall.

All this and none of the local banks she approached would give her a dime. After we looked at her appraisal and tax returns, we called the chief lending officer at our favorite bank. He agreed that she was deserving of the loan she wanted, but knew that the other members of his loan committee would have a problem with the property type. So he referred us to a private lender in her area that he bought seasoned loan packages from in the secondary market.

Once we compiled and shared the right information with this private lender, he was happy to make sure that our client got all the financing she wanted with rates and terms competitive with any bank. Further proof that even if one lender turns you down, there are others that will work with you.

If you need help, ask us for it. Visit us tomorrow for another free commercial loan secret and be sure to subscribe to our RSS feed.

You can also contact us to ask questions and voice your concerns. Just pick up the phone and dial, CFIC Funding, Inc. today at 310-421-7370! Ask for David Young or Wayne Clinton. You can also visit http://www.cficfunding.com or mail david@cficfunding.com or wayne@cficfunding.com