Full Version: Bed & Breakfast refinancing needed
We have been looking for a lender for a refi of our B&B in California. We currently have a USDA Rural development loan (much like a SBA loan) and our current rate is 9.75% We have a new full Business appraisal that was prepared for a potential lender that fell through that gives us an actual value of 1.3mil and potential of 1.425mil. with good ratios. We are looking for $675,000 or so. I also have additional income from my day job of $135,000.00 year. We have good credit with no late pays and not a lot of additional debt. Does anybody no of a good source for a 7-10yr fixed type of product in the 7-8% range?
Contact me: it is strongly depending on your credit and also income.
We have been looking for a lender for a refi of our B&B in California. We currently have a USDA Rural development loan (much like a SBA loan) and our current rate is 9.75% We have a new full Business appraisal that was prepared for a potential lender that fell through that gives us an actual value of 1.3mil and potential of 1.425mil. with good ratios. We are looking for $675,000 or so. I also have additional income from my day job of $135,000.00 year. We have good credit with no late pays and not a lot of additional debt. Does anybody no of a good source for a 7-10yr fixed type of product in the 7-8% range?
QUOTE(Kirk @ Sep 25 2006, 09:50 AM) 
We have been looking for a lender for a refi of our B&B in California. We currently have a USDA Rural development loan (much like a SBA loan) and our current rate is 9.75% We have a new full Business appraisal that was prepared for a potential lender that fell through that gives us an actual value of 1.3mil and potential of 1.425mil. with good ratios. We are looking for $675,000 or so. I also have additional income from my day job of $135,000.00 year. We have good credit with no late pays and not a lot of additional debt. Does anybody no of a good source for a 7-10yr fixed type of product in the 7-8% range?
QUOTE(Kirk @ Sep 25 2006, 08:50 AM)
We have been looking for a lender for a refi of our B&B in California. We currently have a USDA Rural development loan (much like a SBA loan) and our current rate is 9.75% We have a new full Business appraisal that was prepared for a potential lender that fell through that gives us an actual value of 1.3mil and potential of 1.425mil. with good ratios. We are looking for $675,000 or so. I also have additional income from my day job of $135,000.00 year. We have good credit with no late pays and not a lot of additional debt. Does anybody no of a good source for a 7-10yr fixed type of product in the 7-8% range?
I think I can help you are you looking for get a loan for only 7-10 years fixed, or 20 or 30 fixed. I have a lender that can give you a declined fixed for 20 or 30 years. If you would like to know please contact me <snip> I also have contacts in California that might be able to help you get started.
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