Commercial_Hitma
39 Posts |
 Posted - 02/07/2008 : 11:30:48 AM
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I have been working on a refi/construction loan in Hawaii and have contacted just about avery conventional lender to find that no one is either lending in HI or on spec homes. The land was purchased is 05' for 4.1 mil, the borrower owes 3.4 and the value is 5 mil as is. The completed value is 13 mil and the appraisal was re-certified in November but we have a letter of intent to puchase signed by the buyer for 15.9 mil. The property is in the Kukio development on Kona which is an exclusive area and the land is ready to be built on with all of the permits in place. The loan amount is 9.1 mil which will pay off the existing mortgage of 3.4 mil and the remainder will cover the cost of construction, debt service and overruns. The LTV for the project is 70% based off of the appraised value of 13 mil not the sales price of 15.9 mil, also the borrowers assets consist of 2 mil in a CD account but he has previously liqudated his other assets to put into this project so he has no other assets for collateral. He is open to a JV deal if necessary but time is extremely short and this needs to be resolved immediately. Based off this infomation I have provided and you are confindent you can either close it or have and investor you have spoke to previous to contacting me call me at 253-330-0136. If you are a broker or LO that is attempting to get rich off one large deal, have no idea what you're doing or have no one that has the ability or desire to close this and are trying to play the game STOP!! I have posted other scenarios here and had nothing but wasted time with people that have no business being a broker or an LO which ios why I am being so blunt. This is not about the $$$, it's about getting this closed to make sure that my client is taken care of and does not have to lose any $$ on this.
Thank you, |
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