I’ve always been a little skeptical of credit repair services, and I still am for most of them.  I’ve never put much thought or effort into finding one until recently.  I actually didn’t find one, a client did.  His score was in the high 5oo’s when he started with them 3 months ago and now [...]

Loan Amount: $258,000 Deal Summary: Hyak Financial found the borrower private funds to buy out a partner and the bank, both of which no longer had an interest in the project.  This was a hard money loan and we were able to close the loan quickly with reasonable terms for both the borrower and investor. [...]

I had a nice chat with a client this week about the prime rate and whether or not to leave their commercial loan of credit tied to prime, or to get a fixed rate.  The downside to getting a fixed rate is that the current fixed rate is higher than their current variable rate, which [...]

Loan Amount: $700,000 Deal Summary: Hyak Financial found the borrower excellent terms for an apartment purchase loan with a 10 year fixed rate and a 30 year amortization.  This was a portfolio loan, and we were able to close the loan in less than 30 days. Property Location: Bellingham, Washington

The SBA has extended the SBA guarantee to March 28, 2010. This protects the 90% guarantee and the waiver of SBA fees for a little while longer and is estimated support another $1.8 Billions in SBA loans.  More importantly, it keeps banks a little bit more flexible in their underwriting.  See the actual SBA press [...]

Hyak Financial has a great new commercial loan program designed specifically for medical professionals. Just a few possible scenarios for this commercial loan product are: Acquiring a Business Buying Out a Partner Expanding Your Business Adding Equipment Down Payment for Real Estate Refinance Existing Debt to Improve Cash Flow A few product details: Term and [...]

In today’s lending environment, it is more important than ever to have a complete, organized and well prepared commercial loan package when approaching a lender for a loan. Below you will find the components of a typical business loan package.  This does not cover everything a potential lender may ask for, but will get you [...]

Loan Amount: $225,000 Deal Summary: Hyak Financial found the borrower private money to fund the lot development of nearly 20 acres of raw land.  The financing was structured to meet the specific needs of the borrower and provided them with the capital needed to complete the project. Property Location: Bellingham, Washington

Hyak Financial is excited to announce that Amy Senff has joined the team. Amy is a recent Western Washington University graduate, and has experience in both commercial and residential lending.  Amy was most recently with Summit Bank in Mt. Vernon, Washington.

Loan Amount: $395,000 Deal Summary: The borrower’s bank would not refinance the property as it was formerly a gas station, so Hyak Financial found a lender that offered excellent rates and terms for the borrower, quickly mitigated any environmental concerns, and closed the loan. Property Location: Bellingham, Washington