It's September. As history will tell us, it's typically the Stock Market's worst month. However, there's been nothing "typical" about this last year or so, in terms of "the markets". Ben Bernacke states that the worst of times are behind us, and that the indicators bear that out. Whether or not that's true, time will tell.
I personally feel that the Economy cannot truly experience a recovery until the Real Estate Markets and property values make a steady and sustainable improvement. My fear is that unemployment and decreasing earnings will continue to get in the way of that and we will see "see-sawing" in our economy for a while longer .
Because of the falling income experienced during this downturn ... banks and lenders are saying "no" to investors, borrowers, dev
elopers, and the like if their present income picture isn't stable. They obviously are nervous as well, about the potential for these commercial developers/owners problems to continue moving forward.
So where does that leave commercial property owners who can't renew their 5 year balloon note taken out on their strip center during the years of 2003, 2004, and 2005? (Even if the Borrower/Owner has maintained his/her income level through these tough times ... what has happened to the appraised value of their properties (i.e. the bank's collateral)?
These are real problems and scenarios being seen and faced by commercial property owners everyday. Their stories have gained increasing focus by the media more frequently as of late.
Enter our "Asset-Based" Loan Program, which has NO INCOME, NO REAL ESTATE APPRAISAL, NO CREDIT REQUIREMENTS. It's hard to find flexible options like these, as you are well aware.
An unique lending option has been developed and made available for Borrowers/Trusts/Entities with substantial, traded, and liquid Stock, Bond, or otherwise convertible holdings that are facing this dilemma. Now, their assets can be collateralized and are the ONLY QUALIFICATIONS NECESSARY FOR THIS SPECIALIZED LOAN.
Example: You have a Builder/Developer/Investor as a client who has done very well over the last 5-10 years. They invested wisely in stocks, bonds, mutuals, C.D.'s etc. However, their bank just said "no" to the renewal of the note on their commercial property.
At a rate less than 6%, (when an individual can "pledge" stocks, bonds, mutual funds, C.D's, etc.) an Asset-Based Loan can offer low-rate financing options in 30 days or so, after a review of those holdings, up to 75% of the "market value". For those of you involved in religious, charitable, and community organizations, an Asset-Based Loan has even helped a non-profit organization move their building plans along after their bank said "no" to conventional financing.
A loan of this type may just be the answer to your client's needs and provide an option that hasn't been available for them until now. Please keep this loan option in mind for investors, non-profit organizations, and commercial customers.
For further information regarding this lending program, please contact me. I'll be happy to answer any questions you have!
Gene Mundt, Sr. Vice President
Personal NMLS #216987
Chicago Bancorp NMLS # 63483
1823 Centre Point Circle, Naperville, IL 60563
Now on Skype! 630-219-1316
