Closed Loan in Fontana, CA
Property Type: Automotive
Purpose: Cash-Out Refinance
Loan Amount: $420,000
Location: Fontana, CA
Broker Made: $13,399
A business owner with an automotive property in California wanted to refinance their commercial loan. Unfortunately, they faced challenges related to their credit history and the fact that many traditional lenders avoid working with automotive properties.
Silver Hill Funding noted that the borrower had worked to improve their credit scores significantly in recent years. By reviewing 12 months of business bank statements instead of tax returns, Silver Hill was able to see that the borrower’s business was generating strong cash flow.
The borrower was ultimately approved for a 30-year fixed rate loan that included cash-out for their business.