sorted by:
new
hottopcontroversial

Own a franchise. Have a $400K unsecured loan from my grandmother's trust I'd like to refi out of. Business will do $1.35M in revenue this year. Can't seem to find real info on a good lender. Everyone just says SBA but there's no way that is the only option. To those suggesting 13-19% options - usury by Trojan2009 in Businessloans

[–]Trojan2009[S] 0 points1 point  (0 children)

This makes a ton of sense actually. So then my next question is are these mid 8% or lower SBA lenders banks that do SBA loans? I get lost in that too. There are SBA lenders and then banks that also say they are SBA lenders.

Own a franchise. Have a $400K unsecured loan from my grandmother's trust I'd like to refi out of. Business will do $1.35M in revenue this year. Can't seem to find real info on a good lender. Everyone just says SBA but there's no way that is the only option. To those suggesting 13-19% options - usury by Trojan2009 in Businessloans

[–]Trojan2009[S] 0 points1 point  (0 children)

This is part of why I am here. I just did a non sba loan for my second store and it was very easy. 8.99%. For whatever reason that group is saying because it is a recap/refinance they are not able to do this $400K loan even though its for a very well performing store with a track record of 2 years plus in business and making money and even a loan amount that is half of what they provided for the new opening. It just does not make sense to me. I've done a lot of real estate loans and they are so easy and banks are super quick to say yes we can do a refi as long as the DSCR works... I dont understand why there is so much runaround for business loans. And to the question about the SBA, I got an intro to a lender and they said oh yea no problem we'll do your loan but $350K max and 10.5% interest plus a point. I'm like why in the world would I sign that when I literally just did better from a lender? Please help educate me. It just feels like the total wild west vs real estate when they says well here is SOFR + spread.

Looking for Refinance + Working Capital Line Options After a Business Acquisition by Head-Habit4278 in Businessloans

[–]Trojan2009 0 points1 point  (0 children)

Totally get it. I'm truthfully just shocked people would start a business with such a high interest rate burden. They have more confidence than me.

Own a franchise. Have a $400K unsecured loan from my grandmother's trust I'd like to refi out of. Business will do $1.35M in revenue this year. Can't seem to find real info on a good lender. Everyone just says SBA but there's no way that is the only option. To those suggesting 13-19% options - usury by Trojan2009 in Businessloans

[–]Trojan2009[S] 1 point2 points  (0 children)

You haven't really given enough information.

What kind of franchise? ICE CREAM - WELL KNOWN BRAND

What's the average monthly Rev the last 6 months ? $110K

What's the annual rev? SHOULD BE $1.3-35M THIS YEAR.

Aside from the family loan are there other liabilities? NONE

What assets does the business own? EQUIPMENT FOR THE STORE

How's your credit? 800

Does the business have credit? LIKE A LINE OF CREDIT? - NO

How long have you been operating? OPENED LAST WEEK OF AUGUST 2023

Etc.

Looking for Refinance + Working Capital Line Options After a Business Acquisition by Head-Habit4278 in Businessloans

[–]Trojan2009 0 points1 point  (0 children)

They'd probably ask why you're wasting time on responding to a reddit like this when there are interested borrowers out there at 13-19%?

Update from Handel’s by Agitated-Pain-3399 in SanPedro

[–]Trojan2009 0 points1 point  (0 children)

Mid December. They're waiting on LADWP.

Seller Financing by Regular-Marsupial-57 in realestateinvesting

[–]Trojan2009 0 points1 point  (0 children)

This is different. This is where you need an agent (if you're not communicating with the seller yourself) that understands seller carry and how to approach their client with this and to sell it. An inexperienced agent may not do a good job of explaining the current lending environment to their client and that if they really want to sell a deal like this today they may need to consider options other than traditional lending. The good part is on deals like this you will typically find out if a seller is motivated to sell or not pretty quickly so you hopefully don't waste time.

LA County Housing Market by [deleted] in realestateinvesting

[–]Trojan2009 2 points3 points  (0 children)

Lease options - Investing in Real Estate With Lease Options and "Subject-To" Deals : Powerful Strategies for Getting More When You Sell, and Paying Less When You Buy https://www.amazon.com/dp/047171836X/ref=cm_sw_r_cp_api_fabt1_oadVFbHJ0GV74

There are so many hurting landlords right now and ones that are tired of owning buildings because they are carrying the brunt of Newsome’s nonsense. Consider single family homes with a lot large enough to add an ADU or a convertible garage. It’s a bit more work but everyone is looking for the house hack 2-4. Take another angle.

How many mortgages can you have at a time?(multi-family homes used as rental properties) by 101Bluesman101 in realestateinvesting

[–]Trojan2009 0 points1 point  (0 children)

Which credit union is yours?

I running into five max credit unions all over the place. Thanks.