Recent Fundings
TYPE: SBA Flag hotel to a solid hotelier
PROBLEM: Turned down by their bank!
SCENARIO: Borrower had other hotels, even one in this specific marketplace, good credit, good cash flow, and just shy of $5 Million in land and cash to put into the deal. Despite all that strength, despite his GC having a lot of experience in hotel construction loans, they were unable to find financing. Our lender gave them quick terms on an SBA 504 loan. There are only a couple of banks in the country still doing ground-up construction loans for hotels, and our lender knows them both.
Despite our lender’s speed, this borrower continued to shop and try to get other people to do the loan all the way up until two (2) weeks before closing but was not able to find anyone. BANKS HAVE TIGHTENED, it is true, but we have access to non-bank lenders, Wall Street Conduits, private money lenders, and alternative lenders and we GET STUFF CLOSED, with good rates, in a timely fashion. We are still doing construction loans, investor loans, and private money deals. If you or someone you know is struggling with bank financing, give us a call.
TYPE: SBA Construction Loan-Gas Station/Convenience Store $3.05 Million
PROBLEM: Insurance didn’t cover replacement cost after fire
SCENARIO: This was a construction loan for a gas station/convenience store that had burned down. The insurance money was not enough to re-build the property with the costs where they are today and they had to get financing from our lender network. It was also located in a smaller populated area making it even tougher, but our lender closed the deal! We Have SBA Construction Loans Up To 90% Loan to Cost (LTC)!!!! That’s right-90%! We have non-sba construction money up to 75% LTC. IF YOU HAVE A CONSTRUCTION LOAN YOU ARE TRYING TO PLACE, CALL THE EXPERTS. We are the place to go when the banks say no!!
TYPE: Purchase of a Gas Station-INVESTOR! $1.3 Million
PROBLEM: Banks don’t like investor gas stations
SCENARIO: This was one of the local bank deals our lender closed. Low LTV, great credit, but it was an investor gas station purchase-SUPER hard to get done. Our lender did it at a smoking FIXED RATE UNDER 6%!
TYPE: Private Money Loan to bridge the gap $500,000
PROBLEM: SBA couldn’t close on time!
SCENARIO: The deal came from a CDC that needed about four (4) months to close but the seller would not do the deal if it didn’t close in three (3) weeks. Our lender got it funded FAST. The exit will be a takeout by the SBA in four (4) months. This one has a 4-month pre-pay so it makes for a viable option for lenders who are backed up or for SBA loans. One of our lenders has two (2) private money funds in-house, one is what you typically think of as private money for-low LTV, issues that make it hard for banks to do, etc. This fund has been busy lately. The other one is a HIGH LTV bridge loan to an SBA or bank takeout.
When it comes to commercial or business loans-we are the place to go. SBA, CONSTRUCTION, PRIVATE MONEY, GREAT BANK RATES, we have it all!
Gold Coast Mortgage Group, LLC
Corp NMLS# 169757 | AZ BK# 0018836
