| Author |
Previous Topic | Next Topic |
|
cstevens
53 Posts |
 Posted - 03/10/2008 : 3:28:03 PM
|
Borrower has alot of assets, but they are not liquid.
Property is 2 months behind in payments.
6.44 MM 'as-is' recent appraisal
3.36 acres of land
540 mid FICO
Need to refi asap, or will sell with an offer of at least 5 MM, short escrow, solid buyer.
65% ltv needed, rate and term refinance + interest reserves and fees.
Land fully entitled, and a 15 story office building has been approved for the site with the city of Las Vegas. Currently zoned T-C, Town Center and has a use designation of Urban Center Mixed-Use.
Looking for 12 month term, 14% rate, with 6 total points: 3 to us, 3 to the lender.
Thank you,
|
|
EMScommercial
5138 Posts |
Posted - 03/10/2008 : 3:39:34 PM
|
Clifford.... that sounds like a tough request....
In realistic terms....
I feel that the points are too low.... lender will probably want more
Rate sounds about right....
LTV is typically too high for land...
and the two months late on payments don't help much...
We can try....
By the way, the client's name is not 'bruce' is it?
Please let us know if we can help you with your commercial scenario(s) - I'm sure that if there is any financing options for your clients out there, we can find it in our vast internal database of commercial lending sources of which we are direct brokers for (currently stands at 300+ entries as of today (lenders, banks, private money, hedge funds, insurance companies, etc.)).
Eclipse Mortgage Services is the proverbial 'head of the snake'... the end of that broker chain.... next step - the lending source.....
** We issue a mutual NCND to protect both sides!! **
Remember... We only get paid when the thing funds!
Thanks!
|
|
|
djmarvin
190 Posts |
Posted - 03/20/2008 : 10:58:08 AM
|
Because the land is improved upon I can go up to 70% LTV.
Raw Land and Improved Land Financing
This is a true Asset Based Private Portfolio Lender.
Here are the basic guidelines:
Private Portfolio Lender
Loans not sold on Secondary Market
Raw Land to 55% LTV
Improved Upon Land to 70% LTV
LTV Based Upon As-Is Fair Market Value, not "Fire Sale Value".
Closing in 7-15 Business Days
No Credit Check Required
Approvals based primarily on the equity in the property.
All 50 states
Investor Points 3-6%
Broker and Intermediates can charge the same Points charged by the Investor.
Interest Rate 12%
Max Terms of 20 Years
$30MM Max Loan Amount, No Minimum Loan Amount
Can be used for Construction Financing, Existing Construction, and any other Real Estate Backed transaction other than a pure "Land Deal" as well!
Can structure Interest Only Payments
Interest Reserve account up to 12-18 months allowed.
All points and fees can be paid out of loan proceeds (loan amount not to exceed max LTV's)
Exit strategy is required, but since this is Private Money we are flexible on the type of exit strategy.
Lender Advance Fees are: $1500 Legal Fees for Attorney to draw up the Loan Commitment Letter (due prior to issuance of Letter of Commitment), $30K Due Diligence (Covers All Expenses) (due at acceptance of Final Loan Commitment by Investor).
Contact me if you are interested. |
|
|
monarchdad
1811 Posts |
Posted - 03/20/2008 : 11:02:48 AM
|
quote:
Originally posted by djmarvin
Because the land is improved upon I can go up to 70% LTV.
Raw Land and Improved Land Financing
This is a true Asset Based Private Portfolio Lender.
Here are the basic guidelines:
Private Portfolio Lender
Loans not sold on Secondary Market
Raw Land to 55% LTV
Improved Upon Land to 70% LTV
LTV Based Upon As-Is Fair Market Value, not "Fire Sale Value".
Closing in 7-15 Business Days
No Credit Check Required
Approvals based primarily on the equity in the property.
All 50 states
Investor Points 3-6%
Broker and Intermediates can charge the same Points charged by the Investor.
Interest Rate 12%
Max Terms of 20 Years
$30MM Max Loan Amount, No Minimum Loan Amount
Can be used for Construction Financing, Existing Construction, and any other Real Estate Backed transaction other than a pure "Land Deal" as well!
Can structure Interest Only Payments
Interest Reserve account up to 12-18 months allowed.
All points and fees can be paid out of loan proceeds (loan amount not to exceed max LTV's)
Exit strategy is required, but since this is Private Money we are flexible on the type of exit strategy.
Lender Advance Fees are: $1500 Legal Fees for Attorney to draw up the Loan Commitment Letter (due prior to issuance of Letter of Commitment), $30K Due Diligence (Covers All Expenses) (due at acceptance of Final Loan Commitment by Investor).
Contact me if you are interested.
30K in due dilligence fees? Kennedy Funding comes to mind. |
|
|
mvitasa
63 Posts |
Posted - 03/20/2008 : 11:04:19 AM
|
| email me at mvitasa@firstbeaconfinancial and i will send over an executive summary form and we'll take a look at your deal. thanks. |
|
|
djmarvin
190 Posts |
Posted - 03/20/2008 : 11:19:23 AM
|
quote:
Originally posted by monarchdad
quote:
Originally posted by djmarvin
Because the land is improved upon I can go up to 70% LTV.
Raw Land and Improved Land Financing
This is a true Asset Based Private Portfolio Lender.
Here are the basic guidelines:
Private Portfolio Lender
Loans not sold on Secondary Market
Raw Land to 55% LTV
Improved Upon Land to 70% LTV
LTV Based Upon As-Is Fair Market Value, not "Fire Sale Value".
Closing in 7-15 Business Days
No Credit Check Required
Approvals based primarily on the equity in the property.
All 50 states
Investor Points 3-6%
Broker and Intermediates can charge the same Points charged by the Investor.
Interest Rate 12%
Max Terms of 20 Years
$30MM Max Loan Amount, No Minimum Loan Amount
Can be used for Construction Financing, Existing Construction, and any other Real Estate Backed transaction other than a pure "Land Deal" as well!
Can structure Interest Only Payments
Interest Reserve account up to 12-18 months allowed.
All points and fees can be paid out of loan proceeds (loan amount not to exceed max LTV's)
Exit strategy is required, but since this is Private Money we are flexible on the type of exit strategy.
Lender Advance Fees are: $1500 Legal Fees for Attorney to draw up the Loan Commitment Letter (due prior to issuance of Letter of Commitment), $30K Due Diligence (Covers All Expenses) (due at acceptance of Final Loan Commitment by Investor).
Contact me if you are interested.
30K in due dilligence fees? Kennedy Funding comes to mind.
This is not Kennedy Funding. I will never work with them. Like I said this is a Private Portfolio Lender. He is a real estate attorney friend of ours. |
|
|
cstevens
53 Posts |
Posted - 03/21/2008 : 12:48:14 PM
|
| My client isn't paying 30k in up front junk fees. Are you high? Who in there right mind would pay 30k in up front fees. Not even Kennedy has the balls to ask for that much on a 4 million dollar loan request. |
|
|
djmarvin
190 Posts |
Posted - 03/21/2008 : 12:58:10 PM
|
quote:
Originally posted by cstevens
My client isn't paying 30k in up front junk fees. Are you high? Who in there right mind would pay 30k in up front fees. Not even Kennedy has the balls to ask for that much on a 4 million dollar loan request.
How long have you been in the business? 30K is very low. Advance fees can be as high as 1% of the loan amount. Whether you are starting a bank, or raising capital for a real estate project you have to pay to lock up market capital or it moves on. We specialize in raising capital and this is how it is done period. If the client is not bankable then they are going to have to pay in this market. Otherwise they can sit back and watch their project go under. It is as simple as that.
Have a good day. |
|
|
| |
Previous Topic | Next Topic |
|
|
|
Search for: 
