14U Commercial Deal (Not MFR) was brought to my attention. Property owner is looking for a refinance loan and he took it to two hard money brokers and is out of sources. I have not taken an application but he says client claims credit score was 670 when he last checked. $3.5M value and looking for $1.9M to consolidate the loans, pay property taxes and make property improvement. Existing rent income of $21K per month
I tried to get more information and discovered that there was miscommunication and the person I thought was the principle is a broker. There are three loans on the property (all private loans) that amount to around $1.7M total. One of these private lenders wants to foreclose but this morning gave a 3 week moratorium. The owner apparently is a full time investor and rental income is sole income source. Email me for more information.
