All Forum Posts by: Alex Gold

If I'm understanding LTV's from a quick Google search . . .

I bought the property with a contract for deed for $350k (3.25% APR and $30k downpayment) and been paying $1,500 a month since March 2021. Not sure exactly where that puts me but something like maybe $300k now?

Market value is an estimate but the guy I bought from said he had people offering $50k+ more in the month after he sold to me (so $400k+).  
So I suppose that'd put me at about 75% LTV ($300k loan for $400k property). Sounds like that's at least decent from my super quick reading?

The main bank I've done business checking with likes my numbers but wants more time at those numbers for an SBA but I could ask about a CRE instead.

@Chris Seveney Ah, true . . . ultimately my basic plan is just to make enough (with all of the companies) that it's a no brainer either way, but just curious if there were particular companies that are legitimate that I could reach out to that'd be more along the lines of the real estate loan (as googling random companies makes me nervous)

@Chris Seveney Not yet - I figure it's just a matter of time until a bank (or someone) is willing to do a loan, so giving away a permanent percentage to speed that up doesn't seem worth it.

Though do you mean someone who would actually cover the entire cost for a percentage in the company?  It'd be in the $400,00-$500,000 range so it seems like it'd be harder to find someone who would be willing to do that compared to a typical loan.  

Hello,

I own a commercial property (including a residence) via a contract for deed.

I currently rent it to two of my other companies (which have paid rent faithfully since I got the property in March 2020) but I am looking to convert to a more typical mortgage-type loan before the contract for deed reaches a balloon payment. 

I've been pursuing an SBA as a combination of all of the companies but haven't had luck yet - so I was thinking of pursuing a purely real-estate loan for the company that owns the property instead.  Not sure where to start with that.

I got a great deal on the property, far below market value, so it seems like a "no brainer" for a bank to want to finance it - but they were more concerned with cash flow from the renting companies, not the land/property itself.  Very frustrating, but I guess banks do what banks do 😅.

Thanks!
Alex