Closed Loan in Montclair, New Jersey
Property Type: Automotive
Purpose: Cash-Out Refinance
Loan Amount: $300,000
Location: Montclair, NJ
Broker Made: $9,000
Days to Close: 27
The owner of an automotive property wanted to execute a cash-out refinance but tax return issues were preventing him from qualifying for bank financing. While traditional lenders often refuse to lend on automotive properties, Silver Hill Funding was able to qualify the borrower through the Bank Statement Program.
This Silver Hill solution makes it possible for borrows to submit 12 consecutive months of business bank statements in lieu of tax returns. It is a popular option for business owners who are struggling to work with banks.
One of the most impressive aspects of this deal was that it closed in only 27 days – far below what one would expect for a commercial loan of this type.