Hi all,
I have a client who needs to refi a light industrial food processing plant. This loan is tricky, here is the scenario:

-purchased for $800K
-this was a distress sale, and the appraised value is $1.8MM
-cash out refi, wants $1,3725,000
-borrower wants to do a STATED loan, will not provide personal financials or a lease agreement
-county gave him a $430,000 tax credit
-light industrial food plant in the midwest
-borrower wants to refi based on value alone

This loan needs to close ASAP. If you can do this, then please PM me. The borrower is desperate but will not budge on providing income or lease. We may be able to do stated assets.

Thanks...

I have a lender that can go stated up to 1mil. The only things we need to sumbit to the lender is a 1003, Credit report.

How do I contact you?

There is a program up to 2 mil stated cash out... but don't forget. It is not a true stated. The borrower's income can be stated as well as the business income, but the appraisal on the property will have to show how the mortgage on the property will be covered. Therefore, you will have to have the property cash flow information. No one will do a loan otherwise. LTVs will go up to 65% with score of 660 to 1.75 mil and 60% w. score 660 to 2mil. And of course there are more questions that need answer.
Hope it helps.
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