Posted by J. Ferguson on April 26, 2008 at 07:40:05:
Hello all, I have been in the process of buying a guesthouse property in a very up and coming part of Puerto Rico. We have been approved by a local bank and approved by the SBA. The C.D.C. (non profit rep for the SBA) was certain we'd be able to close the deal with 10% down. The SBA has tightened things up a bit lately and will require 20% down. We have 10% to put down. All partners have excellent credit and oodles of experience in this industry. We own every dot com name for the area and the cashflow to debt service is about 1.4. We have some new construction to do and have one years' interim interest covered in the loan. The additional 10% amounts to about $113,000. Is it possible to obtain a hard money loan for this? Of course the bank and SBA will be in 1st and 2nd position. Any advice will be greatly appreciated.
- Re: hard money felix 00:50:13 05/04/08 (0)