The most recent loans
A borrower needed capital to restart his business. He went through years of ending his very expensive divorce and now that it was over, he wanted to restart his jelly preserve packaging business. He needed $500,000 dollars where his assets were only 3 small parcels with industrial buildings on them. The appraised value of these properties was $750,000 but they all had some ground contamination. We had him furnish professional property evaluation reports. So neither of us was susceptible to any major potential problems, we had him perform a partial clean up to land.
We were then comfortable to lend him $250,000 to not only help pay for the remediation but to also jump-start his company. In this situation we knew he had a good business with ample buildings but they were valueless with the underground problem. As he remediates the remaining portion of the property, we will lend him additional dollars.
A real estate broker had gone through 3-4 year’s of not selling many apartments. The market started to change and she needed capital to set up a new company. She contacted us and was able to use as a piece of collateral, her one bedroom co-op which was currently being lived in by her son. The value of the apartment was $200,000 with no liens and the loan was for $100,000. This application was approved within 7 days.
A businessman owned a building with three offices in it. Unfortunately, two of the tenants moved out within a 6 month period. He needed operating capital fast where the banks where taking forever to get back. He had no liens on the property and it was valued at $250,000. Until he could get back on his feet with new tenants, he needed a $130,000 to keep his building operational, payoff pre-existing debts and have some peace at night. The loan was closed in two weeks.
Other loans which I have undertaken are:
- Debt consolidation plus additional dollars needed
- Housing development
- Individual investments
- Townhouse development
- Temporary business assistance
- Commercial development