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ehong
145 Posts |
 Posted - 03/31/2008 : 1:12:00 PM
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| I have a client that is purchasing an old hospital and remodelling it into condominiums in LA. FICO is 690. Loan is $15M(100% LTV) property appraised at $26M by Cushman & Wakefield of California. I have the full file ready to go. Direct lenders only. |
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mortgagemessiah
8003 Posts |
Posted - 03/31/2008 : 1:25:23 PM
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| If you want a direct lender call a bank or hedge fund. There is no such thing in commercial lending unless you are dealing with a bank or hedge fund. The banks and hedge funds that could do this for you are not trolling BO looking for deals. Deals come to them. |
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ehong
145 Posts |
Posted - 03/31/2008 : 1:29:44 PM
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| Thanks. I already tried hedge funds and insurance companies. Nothing so far because its a hospital getting converted into condos. |
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lenderben
1094 Posts |
Posted - 03/31/2008 : 1:30:36 PM
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We are Direct Lenders, but the problem for us and most other lenders is that we need to see the borrower come to the table with their own funds. We do not want to be the only ones exposed on the deal. If the borrower can bring cash or additional collateral to closing then we are interested.
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mortgagemessiah
8003 Posts |
Posted - 03/31/2008 : 1:31:34 PM
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| Then you're not going to find anyone here on BO. You may want to consider a JV. |
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coopercash
2742 Posts |
Posted - 03/31/2008 : 2:34:46 PM
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| Edward... I know both Ben and Steve and their comments are 100% on the money! I am directly associated with a mid-sized private Hedge Fund and we will require that the client have at least 15% HARD CASH to bring into their project. The days of "tooth fairy" dreaming are long gone! |
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jordanh1
27 Posts |
Posted - 03/31/2008 : 3:05:00 PM
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| shoot me an email jordan.hurley1@gmail.com i would be able to help |
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privatemoney1
44 Posts |
Posted - 04/01/2008 : 08:23:45 AM
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GO AHEAD AND EMAIL A SUMMARY ON THIS, SO I CAN FORWARD IT TO MY GUY. IM SURE HE WILL GET THIS GOING FOR YOU.
THANKS FOR YOUR TIME.
RYAN JORDAN
IHAVELOANS11@YAHOO.COM |
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EMScommercial
5141 Posts |
Posted - 04/01/2008 : 08:36:56 AM
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As was mentioned by Steve this place doesn't have companies/firms that are actively looking for this type of deal.... that's why they work through intermediaries.... like my company and surely steve's as well....
BTW.... we are working with your company on a Cambodia deal right now..... Shawn Ramos is our contact....
Just my thoughts on this... |
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