I’m looking for a bank for a loan on commercial property for a term of 15 year at the best rate possible. I’m trying to find a single site that provides rates from multiple banks similar to Lending Tree. Does a site like that exist? Is there an easier way to search for this information without searching each bank’s individual sites?

Myself and two partners are in the process of buying a building (we have a contract on it) and we have a great budget and business plan written for a 24 hr diner downstairs and a lounge/bar upstairs. I own a home and the other two rent. We have very little money to put down and would like to find a place to help with a loan. We are supposed to meet with the SBA local office this week. Any thoughts, advice? Thanks!

Was expecting to deal directly with bank and use my equity to buy rental property (no title insurance, appraisal, etc.) and refinance in near future. Instead, sale is with defaulting owner.

Once I rennovate it will have rentable apts, and a store. What is the best type of loan to get for such an endeavor? Would a home equity loan be the right one to seek? My credit score is a little above 700. What banks are easiest to obtain loans from?

A short sale is a great way to sell your home and avoid the credit consequences of foreclosure. A short sale is basically the negotiation  with the lien holder for a payment of less then you owe.. If you’re on the brink of having your home foreclosed on it’s a good idea to start negotiations with your lender right away. Short sales are faster and less expensive than foreclosures. Foreclosure is not something you want to passively allow to occur, its detrimental to your life and should be avoided at all costs. A foreclosure will completely ruin your credit, lowering your score as much as 300 points! This is very difficult to recover from and in most cases takes years to bring your credit score back up. For the time after a foreclosure you will not be eligible for any types of credit such as loans, mortgage, credit cards, or even employment. Many employers check the credit of applicants (especially if the position involves handling of money) and poor credit history may not qualify you for the position.

A short sale is a great alternative to foreclosure but definitely should not be considered a good thing. Short sales will lower your credit score, Although much less than a foreclosure will. Homeowners should only consider going through with a short sale when foreclosure is eminent otherwise. The lenders will typically approve a short sale if they are losing less money out of the deal then if they foreclosed on your home. It’s important to understand that your lender is looking out for the companies best interest when negotiating a deal rather than yours.  A short sale is a long complicated process that is difficult for individuals to negotiate without professional help. Most people who need a short sale are usually “upside down” on their loan. This means they owe the bank more money than they can sell their house for. The whole purpose of a short sale is to get your lender to allow you to quickly sell your home for less than it’s worth  to prevent foreclosure. Your lender will receive all the proceeds from the sale.

If you are considering selling your home through a short sale the next important step is choosing a reputable company to negotiate on your behalf. When dealing with something as serious as negotiating a short sale with your lender it’s almost a must that you let an experienced attorney work on your behalf. The mortgage companies have attorneys working for them and so should you. You absolutely need an individual with extensive knowledge of the law to negotiate ideal terms for you the homeowner. There are many services out there that claim they can help you out, but if they don’t have attorneys on their staff its very unlikely they can negotiate the very best terms for you. A short sale is a maze of legal proceedings and documents that usually last about 6 months and when dealing with something as serious as your home its best to rely on the best organization you can. For starters you can check a company’s BBB (better business bureau )record for any complaints and see how long that company has been established.

Regulation of lending institutions is handled primarily by individual states, and this growing industry exists atop an active and shifting legal landscape. Lenders lobby to enable payday lending practices, while opponents of the industry lobby to prohibit the high cost loans in the name of consumer protection.

Payday lending is legal and regulated in 37 states. In Georgia and 12 other states, it is either illegal or not feasible, given state law. When not explicitly banned, laws that prohibit payday lending are usually in the form of usury limits: hard interest rate caps calculated strictly by APR.

In the United States, most states have usury laws which forbid interest rates in excess of a certain APR. Some payday lenders have succeeded in getting around usury laws in some states by forming relationships with nationally-chartered banks based in a different state with no usury ceiling (such as South Dakota or Delaware). This practice has been referred to as “rate exportation”, the “lender/servicer” model, or the “rent-a-bank” model. Under the legal doctrine of interest-rate exportation, established by Marquette Nat. Bank of Minneapolis v. First of Omaha Service Corp. 439 U.S. 299 (1978), the loan is governed by the laws of the state where the bank is chartered, regardless of the borrower’s state of residence. This is the same doctrine that allows credit card issuers based in South Dakota and Delaware states that abolished their usury laws to offer credit cards nationwide. As federal banking regulators became aware of this practice, they began prohibiting these partnerships between commercial banks and payday lenders. The FDIC still allows its member banks to participate in payday lending, but it did issue guidelines in March 2005 that are meant to discourage long term debt cycles by transitioning to a longer term loan after six payday loan renewals. As a result, no federally insured banks engage in the business of payday lending as of 2007 using an agency model.

For usury laws to be effective, they need to include all loan fees as part of the interest. Otherwise, lenders can charge any amount they want as fees and still claim a low interest rate. State laws in the United States generally preclude charging of fees other than those expressly permitted by law, and the federal Truth In Lending Act requires disclosure of all fees. Payday loans, because of their simplified pricing structure, do not contain hidden fees or charges.

Some states have laws limiting the number of loans a borrower can take at a single time. This is currently being accomplished by single, statewide realtime databases. These systems are required in Florida, Michigan, Illinois, Indiana, North Dakota, New Mexico, Oklahoma, and Virginia. These systems require all licensed lenders to conduct a real time verification of the customer’s eligibility to receive a loan before conducting a loan. Reports published by state regulators in these states indicate that this system enforces all of the provisions of the state’s statutes. Some states also cap the number of loans per borrower per year (Virginia), or require that after a fixed number of loan renewals, the lender must offer a lower interest loan with a longer term, so that the borrower can eventually get out of the debt cycle. Borrowers can circumvent these laws by taking loans from more than one lender if there is not an enforcement mechanism in place by the state. Some states allow that a consumer can have more than one loan outstanding (Oklahoma).

Federal regulation

In the US, although payday lending is primarily regulated at the state level, the United States Congress passed a law in October 2006 becoming effective on Oct. 1, 2007 that caps lending to military personnel at 36% APR as defined by the Secretary of Defense. The Defense Department called payday lending practices “predatory”, and military officers cited concerns that payday lending ruined low-paid enlisted men and women’s finances, jeopardized their security clearances, and even interfered with deployment schedules to Iraq.

Some federal banking regulators and legislators seek to restrict or prohibit the loans not just for military personnel, but for all borrowers, because the high costs are viewed as a financial drain on the working and lower-middle class populations who are the primary borrowers.

As for the basic definition of a Commercial Hard Money Loan, it can be described as a Cash Finance Option or Business Loan for someone who has trouble getting a regular financial loan. They are always given to someone with Real Estate as the collateral asset. If the borrower can’t pay back the loan, the Real Property is taken as collateral to ensure the Commercial Hard Money Loan eventually gets paid back.

The basic key of the various types of Commercial Loans can also be defined as Sub-Prime Lending, Near Prime, B-Paper or Second Chance lending options.

So affirmatively would someone take out a Commercial Hard Money Loan verses a standard Commercial Loan? It’s because there are determining factors such as Moderate Credit Score, Organization History, demonstrated actual Income Level that would suppress someone from getting prime money financing or custom rates, so the debtor in these cases will settle for what they can get.

Some companies have a minimum amount they will lend you when helping you acquire a Commercial Hard Money Loan. The companies we have researched start out at $300,000 and go up into the millions for Commercial Real Estate Properties.

There are also what they quote Mezzanine Loans which is a an accommodation that’s paid back after the transfer or refinance of the Commercial Property. It’s possible for a lender to secure a portion of the proceeds upon sale of the Hard Loan debt. These loans tend to have preferable structures such as good debt and equity ratios.

Maybe you have or haven’t heard of a Hard Money Bridge Loan. These types of loans basically “bridge” the gap so in essence you can get a project off the ground a lot faster. You will pay more for this type of loan, sometimes up to 5% more, but the key is you can get your project going now. You can get a loan like this for as much as you want, there is no upper ceiling on it.

There are also Hard Money Construction Loans, which is another distinctive Money Financing option that can be used for little home projects to larger Commercial Property projects such as the development of a strip mall or tract home development project. In most cases for construction projects there is a reserve account setup to make sure that money is allocated properly as the project keeps moving forward.

A Commercial Hard Money Loan is typically used in both Urban & Suburban areas. The current Prime Rates are from 11 - 16% verses the 6-7% for a standard loan. Usually all associated Points & Fees are included in the an accommodation and payments from these are dispursed upon closing the an accommodation. Also note these are Short Term Real Estate Loans that are usually given from 1-3 years.

I could write a small 100 page book detailing all the features regarding all the types of Commercial Hard Money Loans. The the main point you need to be aware of is that you should pay around 11-17% interest on one of these. If you are paying 20% upwards, that could be considered Predatory Lending. I was in a court room once where the judge and an attorney from a nationwide hard lending firm were battling it out for almost 40 minutes on what is and what wasn’t appropriate interest rates to charge for these types of loans. Be careful and always investigate before making your move.

What area(s) of practice would these fall under if I am looking for an attorney or firm to go after someone? If this is all under “white collar crimes”, why in the world does it seem so hard to find an attorney that covers this area of things, let alone specializes in it?

I recently got rear-ended and it later turned out that my car suffered a total loss. As a result, the other party’s insurance had to settle with us but they said that there’s a maximum amount of money they can give out because of the other party’s coverage says that their property damage can only give out $5000 max.

Now the estimate that came out for repairing the entire car is a little over 8 k, so i’m basically losing 3k!

Furthermore, apparently I now have to report my car to the DMV and get a salvage certificate and do all this junk to re-register the car and get a new title.

Can anyone help me understand this property damage clause on the car insurance because I’m not too keen on it, and how is that when I had no fault in the car accident, but am still losing money. And can anyone clear up the stuff I have to do regarding salvaging the car with the DMV? I dont understand that procedure either.

Thanks.
I’m from the state of California.

Ie- down payment, income, anticipated rent, etc? For example, if you bought a 100k property, what would you need to put down and what income would be needed to qualify given x amount of rent.