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lionheartfinance
11 Posts |
 Posted - 04/02/2008 : 12:18:06 PM
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Sponsor is looking to for hard money loan, 48% LTV for 15 acres in a Burbank residential area. Utilities surround pad. Need $ to continue feasibility for residential development.
Target project: 15 3000 s.f. homes. Market rate in Burbank not declining heavily, expect values in range of $2mm or will split the pads and sell as individual custom lots.
Land appraised at $2.6mm, sponsor needs $500k in seed money and $750k to take out senior debt for a total of $1.25mm. Please email me if you have any programs.
Need fast money, short term. |
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aaron1976
636 Posts |
Posted - 04/03/2008 : 03:33:05 AM
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I may be able to do this deal, however I need more details. At face value, it sounds doable and I have access to numerous investors who would be willing to finance this type of project. I would love to do business with you. Feel free to contact me anytime.
Aaron Cirlin
818-590-4288
aaronc1976@hotmail.com |
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EMScommercial
5141 Posts |
Posted - 04/03/2008 : 6:06:38 PM
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This IS a refinance right?
And you can get the borrowers' income/tax/credit docs, right?
If so....
Our network of over 325 commercial funding sources which we are direct brokers for (lenders, banks, private money, hedge funds, insurance companies, etc.) - NATIONWIDE ... and Beyond!!! - could be just what you need for such a deal..... (the number changes regularly - adding and removing to meet our clients' needs) to our internal - proprietary database.....
We do all the legwork - finding the lenders interested and getting the documents to them.... receiving the letters of intent and organizing them in sensible order for your clients..... we should work together on your deals.... let's talk!
** We issue a mutual NCND to protect both sides!! **
Eclipse Mortgage Services is the proverbial 'head of the snake'... the end of that broker chain.... next step - the lending source....
We currently have 103 lending sources for **Commercial Land** in our internal database! This will help us find just the right loan for your client!!
Please contact me asap so we can get this taken care of! Just a note... if you call and I am not available at that time to talk, any one of my highly trained account managers can help you as well.
Remember... We only get paid when the thing funds!
Thank you... |
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Equitybased
741 Posts |
Posted - 04/03/2008 : 7:35:06 PM
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| We have just the investor for you on this deal. Contact me anytime tomorrow to go over some of the specifics. |
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omegafunding
283 Posts |
Posted - 04/04/2008 : 08:24:00 AM
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We still have investors lending on land. No bank games no red tape. Stated income loans. How long has he owned the property? Your LTV is pushing it at 50% once all points and fees paid at closing. Might be your issue. Hard Money will be your quickest route rates from 9-13%. Terms 12-18 months. How recent is appraisal? Your value might be cut depends on the quality of the appraisal. If you want to discuss give us a call
Ben
Omega Funding, Inc
www.omegafund.com
720-279-4345 |
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lenderben
1095 Posts |
Posted - 04/04/2008 : 12:05:50 PM
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I concur with Ben from Omega Funding. we are still looking at land but the borrower has to be strong as well as the exit strategy. we are looking at a conservative quick sale value of the property in todays market.
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mudshark
3867 Posts |
Posted - 04/04/2008 : 2:12:37 PM
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| Try Aztec Financial |
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