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JohnCLukes
25 Posts |
 Posted - 02/20/2008 : 11:40:59 AM
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Mortgage Folk,
I need some help here. I have a client who is an experienced builder
and Developer who has already pulled and paid for permits for the
construction of a 12 unit Condo Project in Toluca Lake. This is a great
area. He needs a
loan ASAP. He already got burned once by a Construction Lender
who canceled the lending program that his loan had been underwritten
on 72 hours before it was suppose to close. Please let me know
what lenders are still making construction loans. Lenders only or
referrals to lenders would be appreciated. Thanks.
- John Lukes
Cervenka & Lukes Mortgage
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KHufford
5112 Posts |
Posted - 02/20/2008 : 11:49:35 AM
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There is a reason an experienced developer is now farming his deal out to you as a broker.
Lenders are not doing these - Thats why, unfortunately
I wouldn't waste time on it right now. Tell him to hold off for a while. |
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mantixmortgage
2660 Posts |
Posted - 02/20/2008 : 11:52:25 AM
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| hard $$$ |
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KHufford
5112 Posts |
Posted - 02/20/2008 : 11:55:51 AM
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quote:
Originally posted by mantixmortgage
hard $$$
Unless the location is fantastic, lots of cash in the deal and great exit plan, hard money is not doing these either...they are losing the asses on these already..
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kenvphan
452 Posts |
Posted - 02/20/2008 : 12:13:07 PM
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| The key is how much skin does the developer have in the game. If he is risking as much of his behind as the lender then it might fly. What is the ltv after completion of project? We are doing some but deals have to be pretty not just with lipstick on the pig. |
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dkendall1979
8743 Posts |
Posted - 02/20/2008 : 12:31:27 PM
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If he's got at least 30% of the total cost (acquisition and development) in either liquid cash or cross-collateralized properties (and I don't mean crossing at 100% LTV), then we will look at it.
Email me if the above can be met. |
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MIPartnersINC
5 Posts |
Posted - 03/14/2008 : 12:34:40 PM
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John if this deal is solid and the client has a good net worth I can get this done for you @
5% I/O Give me a call @ 508-250-1918.
Thank You,
Tom |
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mortgagemessiah
7853 Posts |
Posted - 03/14/2008 : 12:59:07 PM
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| How are you going to get this done? |
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omegafunding
244 Posts |
Posted - 03/15/2008 : 09:35:08 AM
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Lenders are still doing this. We will work on it. We work with local investors that know the area. Call or email to discuss
Omega Funding, Inc
www.omegafund.com
720-279-4345
info@omegafund.com |
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JSKF
218 Posts |
Posted - 03/17/2008 : 09:36:53 AM
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Direct Private Lending the Right Way
Kennedy Funding is an acknowledged expert in unconventional financing, places a high value upon speed, and knows that loans must take into consideration that every client has a unique situation and one-of-a-kind financial circumstances. Our mission is to provide hard money asset-based loans in the shortest possible time frame, including bridge loans for acquisitions and land development, workouts, bankruptcy, and foreclosure. Our goal is to close equity-based commercial loans of $1 million to $100 million or more in two weeks or less, and to fund everything from raw land and residential developments, to commercial buildings and mixed use developments, to hotels and golf courses. Since 1988, Kennedy Funding has been providing ultra-fast services and nimble funding scenarios all across the North American continent. In 1996, we went international with the same philosophy. And today, Kennedy Funding is the industry leader. .
Please contact Jeffsilver@kennedyfunding.com
P: 1-201-342-8500
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gcaron05
236 Posts |
Posted - 03/17/2008 : 09:54:04 AM
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I'd like to look at this one, Contact me.
Dan Caron
Senior Loan Officer
NYC Underwriters LLC
14 Wall Street, 20th Floor
NY, NY.
Corporate - 212 - 618 - 1229
Direct - 212 - 618 – 1229 ext 20
Fax - 516 - 612 - 3870
dancaronnyc@embarqmail.com
www.nycunderwriters.com
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joe313
578 Posts |
Posted - 03/17/2008 : 09:59:57 AM
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John,
I'd be interested to look at this in some more detail. Give me a call or e-mail me and we can discuss...
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