All Forum Posts by: Jason R.

Well hell in that case, put a 2nd app in.. the worst they can do is turn it

Same here, no response yet. I don't think filling out a new one will work, they already have an issue with duplicate addresses or phones if you have a multi business. Likely a new app will flag also. You could try calling, I have, but can't ever get

Yes, as in yes it won't show on personal

AGhh.. Pulling my hair out here:

Has anyone gone thru with this loan and found out if A, it shows on your credit report (Personal) to affect your DTI?
My Convo with the SBA rep, indicates that it SHOULD NOT, but they were "not completely sure"

Will they file the Lien under the company name, or go file liens on all assets?

We were in the process of mortgage application when this nightmare started, now I don't know if the SBA EDIL loan (if we take it) will affect that application or not. Anyone gotten futher into the loan process to know on the filing.

Lets start by tax lookup of each of the property's he owns, and then provide us with ownership documents for any LLC's that own them.

@Henry, yes what is his exit strategy should the lender not want to renew it. 

However, as other's have stated, this type of property should qualify for a longer term, lower rate loan.
It's not a 500 unit complex, were you might find that type of financing.

"5-year loan with a balloon payment at 5.555%, 25% down."

You have an exit in mind?

I could open a new company, under the wave app, and do that.. but it's 50/50 that they will catch it... most times once underwriting says no, they will not say yes, and will look for things that "link" 

Well, I like it, but now I don't.

They are saying that we can not use there payment processing service, for "Investment companys" however, I'm trying to explain to them that we are not SELLING investments, we are simply collecting rent.

Toying with it now, been using Cozy.. but not thrilled with lack of expesense and other things.
Setup one main corp, in Wave (our holding corp) and have setup a reoccuring invoice, to a customer (tenet) of the property. So far, that seems to be working. I'm leaning towards setting up exense category for each property.