Here is a summary of some recent success stories where CommercialLendingX.com was able to have an impact. Please note this list is not meant to be all inclusive, and certainly does not include all transactions we have worked on and had success with.
2/2012 – $2 million Equipment Financing: A relatively young company was looking to acquire some heavy equipment to support a new contract. Due to less than two years of business history, traditional equipment financing companies were not interest in the transaction. By preparing a detailed global analysis on all of the business holdings of the Borrower, we were able to present their request to a private hard money equipment lender and get approval for the financing of this large equipment financing at a loan to cost over 80%. This financing will give the company the equipment they need to meet the terms of their very lucrative contract.
2/2012 – $2.9 million Retail Building: Borrower had an existing retail building that was vacant. Borrower was in need of cash to pay leasing commissions and to complete building improvements and tenant build-outs as required by new leases with strong tenants. Due to a lack of liquidity and currently no cash-flow, the Borrower could not get construction financing through traditional banking sources. We were able to place this transaction with a hard money lender to get the borrower 100% financing of all costs to complete the improvements and get the new tenants moved into the property.
2/2012 – $2.45 million Medical Office Building: Borrower owns a newly constructed medical office building that is roughly 30% owner-occupied. Borrower needs to refinance the property to get its interest rate down and because the loan is maturing shortly. However, the property is only about 50% leased at the moment. Despite this fact we were able to prove up cash-flow and borrower financial strength and get the loan approved with a regional bank with the option of a Libor plus 3.25% floating rate or a fixed rate in the mid to upper 4% range.
2/2012 – $250,000 Apartment Building: Borrower was getting pushed out of their existing Bank that was exiting the investment real estate market, and needed to refinance a small apartment building they owned. They were unsuccessful in getting the financing on their own due to some high personal credit. We were able to completely analyze the request and get their credit and cash-flow explained, and procured them with the financing for the property.
2/2012 – $120,000 Office Building: Borrower was looking to expand their home daycare business and purchased an office building to rehab and move the business into. Despite relatively low existing income and a tight personal ratio, we were able to evidence the benefit for them in acquiring the subject building and placed the financing with a regional lender without any SBA support.
1/2012 – $700,000 Office Building: Borrower was under contract to purchase an office building to move his business to. Due to market conditions, the Borrower had experienced a loss on another investment property, which was showing up on his credit. Despite this issue we were able to highlight the positives of the new transaction and prove up cash-flow and financial support for the loan request, and get approval utilizing the SBA 504 loan program at an attractive market interest rate with a traditional local bank lender.
12/2011 – $8.5 million Retail Center: Borrower owns an existing retail center and their loan was about to mature with their local lender. Due to the fact the Borrower was heavy on investment real estate, their local lender was not interested in renewing the loan. We were able to procure two loan approvals for them, one through a conduit and the other through a conforming rate private lender, where deposits and relationship were less of a concern and the focus was on the asset itself. Both offered very attractive five-year interest rates below 5%.
12/2011 – $2.5 million Gas Stations: Borrower was under contract to purchase three gas stations at a substantial discount from a borrower and lender in possession. The Borrower was putting significant cash down at time of purchase. Despite market conditions for gas stations, we were able to get acquisition financing approved at an attractive market interest rate from a regional bank.
12/2011 – $700,000 Special-Use Financing: Borrowers were struggling to refinance two lube centers held for investment due to market conditions, and the Borrower needed to move the loans out of their existing Bank. We were able to due a detailed analysis on global cash-flow and liquidity for the owners, and get a regional bank to approve the loan at a very attractive market rate of 5.25%.
11/2011 – $800,000 Equipment Financing: A growing medical practice needed to acquire additional equipment to fund transaction. However, due to complicated financial statements and multiple ownership entities, the cash-flow was hard to understand. We were able to provide substantial underwriting, explanations, and financial support from the request, and procured the required financing from a regional bank at a very attractive rate of Libor plus 3.25% (roughly 3.50% initially at closing).
11/2011 – $900,000 Business Term Loan: Borrower was under contract to purchase three additional Dunkin Donuts franchises and had a tight window in which to close on the financing. We were able to quickly underwrite his full business operation and present a relatively low risk financing option to our lenders, and were successful in getting him the financing necessary to acquire the new stores in a short-period of time and with an attractive variable rate starting at 4.75%.
11/2011 – $150,000 Mixed-Use Building: Borrower was past due on the real estate taxes for multiple investment properties and due to high leverage had tight cash-flow. He did own two properties that were free of debt and needed cash-out to pay his real estate taxes and get his properties back in financing order. We were able to procure a hard money loan for him to get him the cash-out he needed to cover his taxes and work to get his properties refinanced at a lower interest rate.
10/2011 – $1.4 million Industrial Building: Borrower refinanced an existing industrial building in order to reduce its interest rate. We were able to procure an attractive fixed interest rate with a regional bank substantially below their existing interest rate.
10/2011 – $1.3 million Operating Line of Credit: Due to business growth, the Borrower needed increased availability of their existing line of credit. However, their existing bank did not seem interested in increasing their line of credit. We were able to procure them a line of credit increase with a regional bank from $500,000 to $1.3 million as well as reduce their interest rate from Prime based with a floor in the upper 4% range to Libor plus 3.25% with no floor.
10/2011 – $875,000 Business Term Loan: Borrower was in the process of buying out a partner in their manufacturing business. They struggled for years to get the financing they needed to complete a leverage buy-out of their partner. We stepped in, provided detailed credit analysis and background, and worked with a regional lender and the SBA to get an SBA 7A loan in place to fund the leverage buy-out, allowing the owners to get rid of a destructive owner to their business.
9/2011 – $250,000 Industrial Building: Borrower had recently gotten divorced and as part of his divorce settlement needed to payout his ex-wife on his business. He currently owned his existing industrial building where his business operated out occupying 33%, and needed to refinance that property with cash-out to settle his divorce. Despite the presence of the divorce and the fact the loan request included cash-out, we were able to procure him financing at a very attractive market rate of 5.75% on his property to settle his divorce from a local Bank.
7/2011 – $650,000 Industrial Building: The Borrower owned an extremely unique rural owner-occupied industrial property that also served as their personal residence. Because of the uniqueness of the property most lenders were not interest in refinancing the loan. In addition, the Borrower had invested significant capital upgrading the property utilizing credit cards because they had an end loan pre-approved, but when they went to fund the end loan their existing bank refused to fund it. We were able to underwrite the deal highlighting the positives and clearly explaining the cash-flow to find a local / regional bank to fund the transaction despite the high credit card balances and unique nature of the property, saving the borrower substantial money on credit card payments and consolidating their expenses into a more workable situation.
6/2011 – $3.25 million Apartment Building: The borrower was looking to refinance their existing apartment building and get the best interest rate possible. We were able to get an approval to refinance the building through Fannie Mae at a very attractive 10-year fixed interest rate in the mid 4% range, saving the borrower almost 2% over where their current interest rate was at.
6/2011 – $230,000 Medical Office Building: A doctor was looking to expand his existing medical practice, and was under contract to buy an office building to operate out of. Due to market conditions and their short-time in business they struggled to find a lend to fund the transaction. We were able to find a regional lender willing to fund the transaction at a very aggressive rate, and got an attractive loan approval for the Borrower limiting their cash into the transaction.
6/2011 – $1.8 million Equipment Financing: Borrower had a growing medical imaging business and could not get the additional financing needed to grow his business from his existing lender. Part of the issue related to confusion over multiple business entities. We were able to breakdown those business entities and provide detailed financial and cash-flow analysis to prospective lenders, and was able to get him the additional financing he needed to expand at a very attractive rate of Libor plus 3.25% (roughly 3.50% at time of funding) as the Borrower chose to take the variable rate because it was so low.
5/2011 – $800,000 Special-Use Property: Borrower owned a special-use property that was a nightclub with very little debt. The Borrower needed to get cash-out to cover other real estate issues, but could not get the financing done in the traditional market due to the property type. We were able to procure a hard money loan to get the property refinanced and to get the borrower the cash-out they needed.
5/2011 – $3.7 million Restaurant Financing: Borrower was getting pushed out of his existing Bank and needed to refinance his existing successful restaurant operation. However, the business was still relatively young with just over a year in operation. We were able to highlight the positives of the transaction and get an approval for financing with a traditional lender at a strong fixed rate.
4/2011 – $650,000 Construction Loan for a Mixed-Use Property: Borrower had started construction on a new mixed-use property in Chicago using her own cash. However, she had a loan approval in place from her Bank. When it was time to utilize bank capital, the Bank backed out of the deal. She needed to get financing for a half complete project with little personal liquidity left (it had all already been invested into the project). We were able to procure her financing with a local market bank for the property by repositioning her assets and focusing on her global cash-flow that not only included the money needed to complete the project but also included $100,000 in capital back out to her once the project was completed and leased out.
4/2011 – $950,000 Apartment Building: Borrower’s loan was maturing and due to struggles at her existing Bank, they were not interested in renewing the loan long-term or at market interest rates. We were able to take her loan to market and procure her an attract rate on a longer-term refinance.
3/2011 – $3.5 million Apartment Complex: Borrower owned a minority interest in an apartment complex in Florida. Due to a huge drop in rental rates due to the economy, the property no longer performed at its current debt level. The borrower negotiated a discounted note purchase, and we were able to fund a purchase of the note at 78% financing with a hard moneylender on a short-term (one-year) basis. It allowed the borrower to avoid foreclosure, and we were able to refinance the property into a Fannie Mae mortgage loan a few months later.
3/2011 – $1 million Line of Credit: Borrower was a builder by trade and was in need of a line of credit to fund on-going construction. We were able to get him approved for a line of credit by putting together a financing program where he pledged several free and clear investment properties he owned to secure the line of credit. This gave him the ability to borrow money only when needed for projects, and gave the Bank comfort because there was cash-flowing properties for the Bank to fall back on to support the loan should the need arise.
2/2011 – $4.6 million Hotel Loan: Borrower owned an existing hotel that had positive cash-flow and they had plans to expand and upgrade the hotel and needed construction financing to do so. Because of market conditions, their existing lender was not willing to fund that construction. We were able to procure a loan approval from a national bank under the SBA 7A loan program to provide capital to refinance and fund the requested build-out of the hotel without any additional cash into the deal from the Borrowers and at an attractive market interest rate.
1/2011 – $800,000 Apartment Building: Borrower owned a condominium building that had been leased out as apartments with no debt. Borrower wanted to refinance the property with cash-out in order to take advantage of real estate prices and to acquire additional properties. However, the Borrower struggled to find financing on his own due to the fact his primary income was as a builder. We were able to get the loan approved through Fannie Mae for $800,000 in cash-out financing at a very attractive 10-year fixed rate.
1/2011 – $600,000 Industrial Building: Borrower was looking to purchase an industrial building to move their business into off a Bank. Because it was a Bank sale, the Borrower had limited time to close. Their existing lender was not interested in the transaction, so they came to us with a very tight time frame in which to get the deal done, which also meant SBA financing would not work. We were able to get them an approval and move the loan forward very quickly so they could close on this transaction.
12/ 2010 – $1.4 million Mixed-Use Primarily Apartment Building: Borrower needed to refinance an existing mixed-use building out of a Bank they were getting pushed out of. They could not get financing on their own due to the nature of the building being investment and mixed-use. We were able to position the property in light of the borrowers full relationship and get the financing completed on a conforming loan with a solid national bank at an attractive fixed rate, as well as help them settle their debt.
12/2010 – $1.9 million Retail Center: Client owned a center with only 67% occupancy and was being pushed out of his existing bank due to them existing retail lending. We worked hard to position the property in the best light by gathering information on the existing tenants and encouraging early renewals on leases, and was able to place the loan with a local community bank at a rate lower than the previous lender at 6.25%.
12/2010 – $500,000 Apartment Building: Borrower was under contract to purchase a 12-unit apartment building in Chicago that was run-down. His existing bank denied the financing last second due to current cash-flow and he could not find another lender willing to do the deal. We were able to step in and find a replacement lender in a very short period of time and got him an attractive deal at a rate of 5.75%.
11/2010 – $1.3 million Apartment Building: The borrower had done a full gut rehab of a large apartment building and was looking to refinance the building and get cash back out of the project to take care of the investors in the project. We got a loan approved through Fannie Mae for up to 90% of their total cost for the project refinanced on a longer-term attractive market interest rate, allowing them to payout all investor capital and get back out of the property a majority of the capital they originally put into the property.
10/2010 – $2.4 million Apartment Buildings: Client was looking to refinance their existing apartment building portfolio and move from a higher 3-year fixed rate to a longer term fixed rate We were able to procure an interest rate one percent below the borrowers existing rate on a ten-year fixed basis with a 30-year amortization utilizing a Fannie Mae financing program, saving the Borrower substantial money and hassle.
9/2010 – $1.3 million Industrial Condominiums: Client was struggling to refinance one industrial condominium unit because the value had dropped. CLX was able to combine that unit with another unit with equity and achieve 85% financing between the two units (without SBA assistance) and get a very attractive rate well below market at 4.25%.
8/2010 – $3 million Operating Line of Credit (Asset Based): Client was being pushed out of his existing bank and had his line of credit reduce from $2 million to $1.5 million. We were able to get a new line approved at a new institution and not only get him the $2 million he needed to operate, but also get him a fresh $1 million in new capital with pricing at Libor from 3.50% with a floor of 4.25%.
7/2010 – $500,000 Working Capital Line of Credit: Borrower was in need of a new working capital line of credit to expand his medical practice. However, due to some personal credit issues, he struggled to get his financing placed on his own. We were able to step in and structure his transaction focused on business cash-flow and get him the capital he needed to fund the expansion of his business and a solid variable market rate.
5/2010 – $3 million Construction Loan for a Medical Office Building: The borrower was looking to construct a new medical office building that would be more than 50% owner-occupied by a medical practice. With the market struggling, it was a challenge for the borrower to find construction financing. SBA financing was also a challenge to find because the borrowers business was new. We were able to get a five-year loan approved including 18-months interest only for construction at a rate of 8.50% fixed.
3/2010 – $350,000 Business Loan and $75,000 Line of Credit: Borrower was in need of some working capital to support his existing Veterinary business. His existing lender refused to extend him fresh capital. We were able to find a replacement lender interested in growing with the client and got him new financing including some new equipment financing.