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Nationwide Commercial
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Cross Collateral
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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.