Many of you have reached out to me about using real estate to cover overleveraged MCA merchants.
Unfortunately the biggest issue we run into is that these merchants only have their primary residence as ther real estate asset.
I now have access for these scenario's - licensed in 33 states as follows:
AL AK AZ CA CO CT DE DC FL GA HI ID IL MD MI MN NE NC NJ NV OH OK OR PA RI SC TN TX VA UT WA WI PA
So there are several levels of loan products available depending on the documentation required for each level.
Full income documentation - 2 years personal and business tax returns
bank statement program - 12 months business and personal bank statements
DSCR - debt service coverage ratio - using rental income against mortgage payment and expenses...does the property - cash flow positive?
Profit and Loss program - based on financials - if necessary we create as are not audited
Stated Income Stated Assets - estimated income and expense information that woUld be applicable for the person's situation based on job, locations, expenses, etc - all estimated
No Income Documentation - NoDocs requires no information on income and expenses.
Summarized document request:
2 year personal and business tax return for you
12 months business and personal bank statements for you
Insurance agent info
Drivers license front and back
voided check
Insurance declaration page
Mortgage statement or deed
Fico tri merge score - minimum 660 mid score for primary residence
Use this below if necessary = Pay $1 and then cancel
Tri Merge credit report minimum Fico 660
Some recent fundings:
NJ Pizza restaurant commercial property $500,000 cash out 10.99% 30 year fixed. Client has NO books. We created a P & L Paid off MCA's
Primary residence 2nd mortgage $350,000 10.375% 30 year fixed. paid off MCA bank statement program
Primary residence - 1st mortgage $1.5MM 30 year fixed at 7.75% Full income docs paid off MCA's.
Florida commercial property restaurant - created new LLC used lease agreements to get approval for $1.250MM to pay off $1MM SBA and get working capital
Steve Benjamin
Professional Business Loans
Irvine, CA 92620
949-228-1050
