SeymourDumore
Diamond
- Joined
- Aug 2, 2005
- Location
- CT
Guys
Are there any financial organizations like Intech Funding but for real estate upgrades rather than machinery?
BasicalIy, I am looking at a need to borrow approx 100K to replace the roof on my building.
I have talked to a few banks so I am aware of the various options available to me, and I do have both the credit and the collateral to choose any of it.
The problem I have ( not really a problem, but amazed how much different it is from equipment financing ) is that the options are both, somewhat time consuming
AND require a significant up-front cost just to get the loan. I am not talking about down payment, rather actual outlay fees associated with obtaining said loan.
I am looking at a simple 5 year fixed term loan for 100K. That's it!
I have multiple pieces of equipment that cost just about that, some cost twice that. With the exception of one, all are paid for and my total obligation ( equipment) is less than 50K.
Also, the building has more than twice the equity than the amount I am looking for.
And yet, all local, standard banks need enough paperwork to block the river Nile, and they need the time to make sure it is properly blocked.
Compare that with the equipment finance organizations, I am just ... Wow!!!
Do you know if there are any other options before I bite the bullet?
Thank You!
Are there any financial organizations like Intech Funding but for real estate upgrades rather than machinery?
BasicalIy, I am looking at a need to borrow approx 100K to replace the roof on my building.
I have talked to a few banks so I am aware of the various options available to me, and I do have both the credit and the collateral to choose any of it.
The problem I have ( not really a problem, but amazed how much different it is from equipment financing ) is that the options are both, somewhat time consuming
AND require a significant up-front cost just to get the loan. I am not talking about down payment, rather actual outlay fees associated with obtaining said loan.
I am looking at a simple 5 year fixed term loan for 100K. That's it!
I have multiple pieces of equipment that cost just about that, some cost twice that. With the exception of one, all are paid for and my total obligation ( equipment) is less than 50K.
Also, the building has more than twice the equity than the amount I am looking for.
And yet, all local, standard banks need enough paperwork to block the river Nile, and they need the time to make sure it is properly blocked.
Compare that with the equipment finance organizations, I am just ... Wow!!!
Do you know if there are any other options before I bite the bullet?
Thank You!