Mission Impossible Loans
Mission Impossible Loan Episode #15: Business Loan Declined? One Lender’s No May Not Be the Final Answer
A successful business. Strong income. Excellent credit. Money in the bank. And an attractive loan proposal is already in hand. What could possibly go wrong? For one of my clients, the answer was something that had happened approximately 15 years earlier. This is one of my favorite Mission Impossible Loans because it demonstrates an important…
Read MoreMISSION IMPOSSIBLE LOANS: EPISODE 14- When Two Appraisers See the Same Condo Differently
A first-time homebuyer walks into a condominium and sees possibilities. A real estate agent sees market value. An appraiser sees comparable sales. And sometimes, two appraisers can look at essentially the same property and reach very different conclusions about its value. That was the situation facing Ray. A First-Time Buyer Finds the Right Condo Ray…
Read MoreMISSION IMPOSSIBLE LOANS – Episode 13
When Your Own Bank Becomes the Biggest Obstacle A Performing Loan… A Bank Merger… A Maturity Deadline… and a Bridge Loan That Saved the Deal Commercial real estate borrowers often assume that making every payment on time guarantees their bank will renew or extend their loan when it comes due. Unfortunately, commercial lending doesn’t always…
Read MoreMission Impossible Loans #12: Three Borrowers, One Family, and a Loan That Refused to Cooperate
Every mortgage has a story. Some involve complicated properties. Others involve unusual financing. And then there are the loans where life itself becomes the biggest obstacle. Early in my lending career, one loan taught me a lesson that has stayed with me ever since. It began as what appeared to be a straightforward debt-consolidation refinance…
Read MoreMission Impossible Loans – Episode 11 The Fourplex Strategy Most Veterans Never Hear About.
Some loan files stay with you because of the numbers. Others stay with you because of the people. This one was both. Over the years, five former Navy servicemen contacted me within a relatively short period of time looking for mortgage financing. Four had received honorable discharges. That meant they had earned something incredibly valuable—the…
Read MoreMISSION IMPOSSIBLE LOANS – Episode 6 The Son Who Inherited Opportunity…And Nearly Missed It
“The banks said no. The family saw opportunity. The challenge wasn’t buying the property — it was finding someone willing to think differently.” Some loans are difficult because of credit. Others are difficult because of income. And then there are loans that become difficult because the situation simply does not fit inside a traditional lending…
Read MoreMISSION IMPOSSIBLE LOANS-Episode 6 The Father-In-Law Discount That Almost Fell Apart
What looked like the deal of a lifetime nearly died under paperwork, disappearing bankers, and a ticking clock. Ned thought he had finally caught a break. He operated his liquor store business from a mixed-use property owned by his father-in-law. Unlike many buyers fighting through San Francisco Bay Area pricing wars, Ned had something rare:…
Read MoreMISSION IMPOSSIBLE LOANS – EPISODE #8 “The SBA Lender Said It Wasn’t A Problem…”
Linda and Louis were referred to me after word started spreading throughout San Francisco that I understood how to finance mixed-use buildings with bars and restaurants inside them. That may sound simple. It isn’t. Bars can produce impressive revenue and profit margins, but lenders often see them very differently than other businesses. Add in mixed-use…
Read MoreMission Impossible Loans – Episode 7: The Retiring Realtor, The 1031 Deadline, and the Loan That Almost Died
By Steven Hook Some transactions look easy on the surface. Strong credit.Large down payment.Extensive real estate experience.Seasoned borrower.1031 exchange funds already in place. That was the case when Mike, a veteran real estate agent and investor, was referred to me by another agent in his office. He was purchasing another investment property for his portfolio…
Read MoreMission Impossible Loans – Episode 5: When a Restaurant Empire Needed a Headquarters
A successful restaurateur wanted to buy a building that looked nothing like a restaurant — and it was only a few blocks from one of his newest locations. Deal Snapshot Property Type: Commercial buildingBorrower: Restaurant ownerLoan Type: SBA financingChallenge: Building near an existing restaurant and not obviously suited for restaurant useKey Insight: Property repositioned as…
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