Commercial Mortgage Assistance
I have a client with sub-standard credit (FICO below 500) that owns a commercial building currently being utilized as a furniture restoration warehouse. Square footage is 2,000 and sits on 5.9 acres zoned both residential and commercial. The area is in a major growth transition in Charlotte, NC. The owner is currently in negotions with area developers as the acreage is in HIGH demand. Current estimated value is $600,000 and loan amount requested is $300,000. Borrower is seeking a short term note 2/20 or 2/30. Payoff is approximately 200,000 and remaining cash is for property improvements. This is obviously a hard money loan and I am seeking a lender that can move and close quickly with no up front fees. Anyone with suggestions, please provide lenders contact ccordinates and a web address if applicable.