Consumption and Real Estate
Does anybody know where to look for Non-Recourse Commercial Mortgage Loans in TX under 100k?
Question : Does anybody know where to look for Non-Recourse Commercial Mortgage Loans in TX under 100k?
It needs to be Non-Recourse. Commercial Mortgage Loans in Texas for Acquisition on New-Construction Duplexes / Townhomes in the Dallas Metro Area. Fully Amortizing Fixed Interest Rate Only. Preferred 30 Years, Would consider Less.
it is for an LLC
Non-Recourse Commercial Mortgage Loans in Texas for Acquisition on New-Construction Duplexes / Townhomes in the Dallas Metro Area. Fully Amortizing Fixed Interest Rate Only. Preferred 30 Years, Would consider Less.
commercial construction loans
Best answer:
Answer by kemperk
pure hard money lenders of which there are
about 6 left in the US.
no 1003/no fico/no front fees/no recourse.
no appraisal fees.
Non -recourse loans are decided by each lender. They decide if they can give a non-recourse loan based on the history of the entity attempting to get the mortgage.
If you are trying to get a mortgage through a corporation and the corporation is only one year old the corporation does not have the qualifications to qualify for a mortgage.
Since the corporation does not qualify the lender now want to have personal guarantees.
Your corporation must qualify as if it was an individual. It must be able to prove the ability to make the monthly mortgage with enough funds left to pay other necessary corporate debts.
The corporation must also be in business at least two years, have a current credit report, 2 years of income taxes, bank accounts with reserves.
A lender is not gonna lend to a corporation that is not qualified to borrow money. That is why the personal guarantees.
Ask yourself this question would you lend to a one year old corporation with $ 3,000 in the bank, with no income taxes and have not established a Dunn and Bradstreet?
If you do find a bank or other lender that will take a chance on lending you money to this type of corporation with no personal guarantees then the interest rate will be extremely high and for a very short term.
I hope this has been of some use to you, good luck.
“FIGHT ON”