Leron
85 Posts |
 Posted - 04/09/2008 : 06:39:56 AM
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I wanted to thank those of you who have contacted us as a result of this posting. We have been able to create some new great business relationships!
Please note that our construciton program is still very strong despite the capital markets conditions.
A brief summary of who we are; Royal Capital Group provides premier commercial financing solutions to investors, developers, high net worth individuals and owners for over 2 years now, and with our combined 20 years experience and despite the challenging market, we are able to continue to offer competitive programs for our commercial clients. Our latest program comes directly from a hedge fund based in the US.
This new & aggressive lending for Acquisition & Development Projects is as follows:
All projects are reviewed and considered on a case by case basis, but below we have outlined what to expect as far as loan terms and conditions to be expected
The Terms and conditions are as follows:
Program is available for global projects
Loan Size: $10M minimum with no Maximum
Project Type: Acquisition, Development and Construction
Requirements:
Client must put up a minimum of 11% for project reserve deposit. These funds will be placed in an escrow account with First American. (Funds will be proofed)
Equity:
Projected completed loan to value may not exceed 70%. In the event projected value falls below this minimum, borrower will be asked to put up a larger reserve deposit to offset the amount of deficiency.
General terms are as follows:
LIBOR + 0-2% (90 day rate)
LTV up to 70%
100% for build out
1% commitment fee
1% -4 % equity exit (risk assessment and ROI will determine if this applies)
2-5 years interest only
6 points for lender
No PG
No early repayment penalty
DD & lenders costs (generally 30K-60K)
In some cases land can be in lieu of the reserve, or we can arrange for bridge financing to cash out on the land where the fund will issue a commitment letter to the bridge funder as an exit strategy.
We are very co broker friendly, as we put fee agreements and NCND's in place immediately to protect all parties.
We look forward to speaking with you about any project that you feel may fit the above program.
Stay tuned....more lending programs to come!
Leron Levy
Managing Partner
Royal Capital Group
1172 s. Dixie Hwy Ste 161
Coral Gables, Fl 33146
Tel: 786 269 4744
Fax: 786 216 7659
Leron@royalcapitalgroup.com |
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