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liverichly
3505 Posts |
 Posted - 03/25/2008 : 07:53:53 AM
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| Looking for land loan lenders in Pinellas County Florida. 40% LTV. $4m loan amount. Hard money will suffice. |
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privatelender4u
133 Posts |
Posted - 03/25/2008 : 07:55:30 AM
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We might be able to help. Needs more detail information. please email me at privatelender4u@gmail.com
Charles
quote:
Originally posted by liverichly
Looking for land loan lenders in Pinellas County Florida. 40% LTV. $4m loan amount. Hard money will suffice.
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CoralSnake
10078 Posts |
Posted - 03/25/2008 : 08:27:51 AM
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| What do they plan on doing with the land? |
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liverichly
3505 Posts |
Posted - 03/26/2008 : 10:10:42 AM
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| It's subdivided & platted already. |
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robert@24capital
16 Posts |
Posted - 03/26/2008 : 10:36:46 AM
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can lend on land in florida.i would need to see an appraisel and exec summary.i represent a direct asset based lender that specializes in commercial bridge loans.call to discuss at(201)881-7239.i can have real numbers back to you by the end of the phone call.
thanks,
robert fazio |
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joe313
522 Posts |
Posted - 03/26/2008 : 10:41:26 AM
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Shane,
We're a hard money lender and we'll consider land in FL. Give me a call to discuss when you have a chance.
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EMScommercial
4545 Posts |
Posted - 03/26/2008 : 11:04:17 AM
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Do the borrowers have experience developing?
I am in Florida, so when I say this, it really bums me out.... but..... Florida land is TOUGH right now!
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! |
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lexycris
35 Posts |
Posted - 03/26/2008 : 12:07:19 PM
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| call me 631 255 2383 Susana |
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djmarvin
190 Posts |
Posted - 03/28/2008 : 07:50:01 AM
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We orginate for a Private Portfolio lender. Your access to the portfolio is exclusive through us.
Here are some bullet points on the product:
Raw Land, Improved Land, & Existing Construction Financing
This is a true Asset Based Private Portfolio Loan Product
Loans not sold on Secondary Market
Can be used for Construction Financing, Existing Construction, and any other Real Estate Backed transaction.
Construction Financing in Colorado only.
Raw Land to 55% LTV
Improved Upon Land to 70% LTV
Existing Construction to 70% LTV
LTV Based Upon As-Is Fair Market Value, not "Fire Sale Value".
LTV's on purchase transaction based on fair market value, which can result in 100% financing/no down payment.
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.
All points and fees can be paid out of loan proceeds (loan amount not to exceed max LTV's)
Interest Rate 12%
Max Terms of 20 Years
$30MM Max Loan Amount, $1MM Minimum Loan Amount (on select transactions Portfolio will syndicate to accommodate transactions that exceed $30MM)
Can structure Interest Only Payments
Interest Reserve account up to 12 months allowed.
Exit strategy is required, but since this is Private Money we are flexible on the type of exit strategy.
If the equity in the property is strong enough we can structure an Interest Reserve Account of up to 12 months payments if there is no exit strategy or current cash flow. Once the Interest Reserve Account funds are used up then the payments will need to be paid out of pocket.
$1500 Legal Fees for Attorney to draw up the Loan Commitment Letter (due prior to issuance of Letter of Commitment).
Primarily commercial properties/projects only
High End/Large Cap only on a residential deal ($1MM Plus)
Also, for an informal submission I will need (if available):
Executive Summary, to include the loan request information and the plan on how to pay back the debt (exit strategy).
Pictures of the subject property.
Resumes on the principals.
Any recent appraisals that you may have.
On income producing properties I will need the 2007 P&Ls and/or rent roll.
Original purchase price and when the property was bought (land already owned)
Use of Funds.
Once we decide if this is something that we have an interest in there may be a request for additional documentation and or information.
Please feel free to contact me directly with any questions that you may have.
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