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dontwastemytine
115 Posts |
 Posted - 01/18/2008 : 7:49:56 PM
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We have 120K Cash + 1,600,000.00 in Cross Collateralize assess.
California, Studio City Property, SFR, Investment property.
We need a purchase loan for 1,650,000.00. loan and plans w/ permits approval city has given green light to the builder.
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We need and construction loan for the home sft 10,077.
I have to bids in. $175 per sft. 1,800,000.00
1,800,000.00
1,600,000.00
3,400,000.00 total
future Value is 8,000,000.00 to 15,000.00 sold in the area.
two borrowers , 1. 720 fico, 2. has the cash and assess.
we are in escrow now.
Need to close as soon as possible
if you can not help me. please give me and referrals
Thank you,,
Shirley Husar. 1 818 279-3079 call me ASAP
Herizon Plus Development
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coopercash
2714 Posts |
Posted - 01/19/2008 : 10:16:58 AM
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Shirley ("Dont Waste My Time") Realtor... welcome to the B/O community of "Dont Waste My Time" Brokers and Lenders!
$120K cash + $1.6-million in cross collateralized assets on a $1.65-million construction loan is already inviting suspicion especially as you indicate "investment property". Meaning? Client intends to RENT out the completed SFR? Or, is this a "spec for sale" situation?
Your range of future value ($8-million to $15-million) is absolutely meaningless. A complete appraisal would be required and in the "sorry" state of the local market (Studio City) any lender will adjust downwards.
Yes, I am as "arrogant" as are most "Valley" Realtors! That said you are more than welcome to email me a detailed Executive Summary of the project, advise mid score of the co-borrower, combined cash liquidity of both borrowers, and just maybe we can make some sense of this opportunity through our GC-GOLD Construction Program. |
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monarchdad
1811 Posts |
Posted - 01/19/2008 : 10:50:00 AM
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I must concur with my esteemed colleague, Mr. Cooper on this one.
Shirley, this is the second post you've made on this deal and as I said before from what you are describing I can't see it happening.
One of the toughest things for mortage people and realtors these days is to know when to hold and when to fold. In tough times I know it is hard to give up on a deal but I tell you these deals are all over the place right now and they just never get done. I saw 2 of them yesterday, they're always in high end areas (San Marino & Brentwwod were the ones I saw) and the future values are very unrealistic and the risk for the lender is just too high. Cross collateral will help but it very often questionable as to whether that equity is really there or not in this market.
Hard to give up on a deal, yes. But all we all really have is time and we have to spend it wisely. Good luck. |
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dontwastemytine
115 Posts |
Posted - 01/19/2008 : 3:47:48 PM
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My mentor Mike Ferry always said” it’s about price and motivation. Now is the time for the motivators. I know this is a long shot . Yet there are those lenders who will rise to the occasion and shine above the rest. This deal will take some creative structure, critical thinkers are wanted, and need to work in a market like this.
If I fail, at less my team gave it a %125 and more. I'm looking for the lender who will work hard and out of the box. Not winning and giving lecture of the present condition, we all already know about the situation the market is in today. I 'm aware of the risk, the time and energy.
Yet, I’m willing to succeed in dealing with a difficult situation. It's not easy to see my first two posting being question in front of a crowd. Yet the California real estate market will be the state that will bring our country out of the recession. California Transformers are wanted. Our market is standing strong in some parts of the state and in time others will follow.
So ......if there is a lender or an investor who wants to go for it like me and take advantage of making real money which requires real work. That is the esteemed colleague I'm looking for that autobot fighter. This is not the market of the slam dunk deals. It is for the hard working who push and push the envelope, out of the box.
I want a lender who will not quit. That is the tag team mate autobot lender I'm looking for. He/she who will certainly rise to the occasion. If your are not this lender just don't waste my time.
Husar
Shirleyhusar@yahoo.com
quote:
Originally posted by monarchdad
I must concur with my esteemed colleague, Mr. Cooper on this one.
Shirley, this is the second post you've made on this deal and as I said before from what you are describing I can't see it happening.
One of the toughest things for mortage people and realtors these days is to know when to hold and when to fold. In tough times I know it is hard to give up on a deal but I tell you these deals are all over the place right now and they just never get done. I saw 2 of them yesterday, they're always in high end areas (San Marino & Brentwwod were the ones I saw) and the future values are very unrealistic and the risk for the lender is just too high. Cross collateral will help but it very often questionable as to whether that equity is really there or not in this market.
Hard to give up on a deal, yes. But all we all really have is time and we have to spend it wisely. Good luck.
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