$450K in MCA debt - can't make payments, but has home equity
Merchant in Arizona has $450,000 in MCA debt.
Has a first mortgage of $577,000 at 6.8% on a primary residence worth $2MM+
Got him a new first mortgage of $1.5MM 30 year fixed at 7.35% paying off all of his MCA's and giving him plenty of working capital freeing his business of all debt.
Broker will make $15,000 commission
Now to give you some information on real estate programs - there are several.
Full income documents - best deal
12 month personal and business bank statements - next best
DSCR - debt service debt ratio - this compares income against expenses on the property - insurance, taxes, maintenance, mortgage payment compared to rental income - needs to be 1.0 or better.
SISA - stated income stated assets - all is created but must make sense.
NoDoc - no income documentation -
We are licensed in 33 states for primary residence loans.
Reach out if you need help with any real estate or other financing options for your over leveraged clients.
Steve Benjamin
Professional Business Loans
Irvine, CA 92620
949-228-1050