Missouri Hard Money Deal - Close

630

50 deals

Missouri

I am a broker and my client is looking to refinance his hard money loan with another hard money loan. He spent 3.6 million to build the 11,000 sf estate property in 2007 and had zero mortgage on it until he went through a divorce a couple of years ago. Now he needs 1.3m payoff plus 100k closing costs plus 12 months interest reserves and would like another 100k at closing if possible. Total loan amount would be 1.65m, or 55% LTV. If 60% is doable he would accept that as well as he intends to purchase more income producing properties with any proceeds from the refi.
Property is in great shape and is leased for 13k/mo
Borrower is retiree and has 100k cash in bank.
Borrower had a buyer back out of the purchase last minute due to fatal diagnosis and this is why the borrower did not extend his current loan with his lender and now in order to extend it just isn't feasible.
We can provide a recent BPO for 3.25-3.75m and an updated appraisal for 3m from Dec 2017, a conservative value but solid.
Property is a white elephant as there aren't too many comps in close proximity of properties of this size.
Looking to deal with Direct Lender with their own investors and I don't want this deal to be shopped please.