The $500,000 cash-out refinancing of a Charlotte, North Carolina estate property was finalized today by a collateral lender out of Thousand Oaks, California called MMG Capital.
Online PR News – 01-August-2011 – – The $500,000 cash-out refinancing of a Charlotte, North Carolina estate property was finalized today by a collateral lender out of Thousand Oaks, California called MMG Capital. The borrower is the owner of several businesses and has a high net worth. They were in need of capital for many reasons after they begun franchising a recent start-up. Considering the two important factors of the individual being self-employed and having an inconsistent income, banks disqualified him for financing and it was MMG Capital that made the loan possible for the individual to tide over tough times for the next few years despite that fact that the borrower’s business would have a tight cash flow. The borrower’s current real estate holdings were placed as collateral for this business loan.
Said the managing director of MMG Capital, Chris Gleason, “This borrower presents a classic case of someone who was high on equity and low on liquidity and we have tried our best to make the person feel comfortable by making the process as easy as possible.”.
large estate-like property in Charlotte, NC secured the loan and the borrower opted for it as collateral because they owned the real estate and were in dire need for some equity. Today, it has become extremely common for traditional financing to be unavailable for rich people; mainly due to their employment status.
MMG Capital specializes in creating opportunities for high-net worth individuals or entities that are short on liquidity to obtain financing for valuable projects or ventures. As a collateral-based lender, MMG Capital can provide financing to high-net worth borrowers that otherwise might not have an obtainable financing source. Using both commercial and residential real estate, this company that has over fifty years of experience became an active lender nationwide in 2008. Since then, they have established themselves as one of the more creative lenders in the industry who fund bridge loans for a number of diverse purposes.