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Gomberg Express Program
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Available from other lenders
Fannie Mae DUS Program
Market Rents Program
Nationwide REIT Program
West Coast Program
Nationwide Commercial
Loan Program
No Document Program
Cross Collateral
Commercial Mortgage
Backed Secrities
Sub Prime Lenders
Local Banks
FHA 221D-4
Fannie Mae Funded
Forward Program
Construction Loans
Rooming Houses
   
Cross Collateral Program

Cross Collateral Program from a New York based bank.  Up to 100% LTV of a new purchase can be financed with adequate equity in a income producing property.   For example, if you own a property with $200,000 in equity, some lenders would accept up to 65-75% of the equity value in lieu of a down payment.  In this example $200,000 x .70 = $140,000.   This $140,000 could be used as a down payment towards a new purchase.  It is very important to structure into the transaction an exit strategy to release the collateral.  This program can be also be used for commercial transactions.  Recent transactions originated by Gomberg Financial Services using a cross collateral property include:

$900,000 purchase loan for 24-unit apartment building in Worcester, MA.  The buyer was able to put just $25,000 cash into the deal.  The borrower put up a 2-family property in Watertown, MA as additional collateral.   Without the additional collateral the buyer would have needed close to $250,000 in cash to buy the property.
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$263,000 loan which included the purchase of 6-unit building in North Attleboro, MA for $256,500, and covered all closing costs.  The borrower put up a 4-family in Lowell as collateral and did not have to use any money out of pocket.

Since it's founding in June of 1998 Gomberg Financial Services has originated over 370 commercial loans.

If you would like more information on any of our commercial loan programs, please contact our office by phone (781-631-7929) or send us an email.