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lorie
480 Posts |
 Posted - 04/24/2008 : 12:40:17 PM
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I have a request from a developer to find him financing for 189 Condo Units in Orlando. Units are complete and ready to close. Each purchaser/borrower is purchasing one unit, so there would be 189 individual transactions.
I am looking for a qualified LENDER. Please contact me if you are a LENDER or know of a LENDER that would take on some or all of these transactions.
Rather than posting, it would be best to e-mail me at LDupuy@CoastInvestors.com
Thanks, Lorie
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KHufford
5109 Posts |
Posted - 04/24/2008 : 12:47:12 PM
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Just fax over the 1003's we can do em!
I will go reload the paper tray right now....
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mmnfinancial
310 Posts |
Posted - 04/24/2008 : 1:39:09 PM
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| We can handel this. 24 hr. UW full package funds in 3-5 days. |
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privatelender4u
151 Posts |
Posted - 04/24/2008 : 1:42:20 PM
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| Might be able to do it, if it's short term loan. |
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SManning
16 Posts |
Posted - 04/24/2008 : 1:51:39 PM
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These are standard loans in our office. We are an FDIC BANK and can easily handle these by table funding. Each purchaser/borrower is purchasing one unit, so there would be 189 individual transactions.
You can contact me either by email steve@urloan.biz or call me (877)777-4470 Ext.222 or mobile (480)688-8418
Steve Manning
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lorie
480 Posts |
Posted - 04/24/2008 : 7:46:05 PM
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| :) |
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mdiclemente
986 Posts |
Posted - 04/24/2008 : 9:16:46 PM
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| I think you would be hard pressed to find "one" investor to do all of them... no-one would want that type of exposure in one neighborhood. I'd recommend having at least 4-6 investors. |
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FLhardmoney
244 Posts |
Posted - 04/25/2008 : 12:08:59 AM
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Mdiclemnte's first line hits it right on the head. Diversification is what every smart lender is looking for right now. Orlando is an interesting market. There are a lot of deep pockets looking to invest in the Central Florida market right now due to the baby boomers migration commencing. I know several of them but there is not enough details provided to know what types of investors will be needed to make the project a success. What is the location specifically in Orlando and what are the parameters needed? Are they o/o or N/o/o? What are the LTV's you are looking for? What are the Purchase prices and Loan amounts? What are the credit scores, and what kind of rates are buyers looking for to make their investment worthwhile? Can they go full doc?
I would gladly help you assess the project regardless of what is happening. Contact me at deeles07@yahoo.com to discuss further. I'm sure I could assist in some way.
If there is really interest in this development I have buyers as well as private investors in this area. I recently helped finance and market a condotel development near the Florida Gators stadium that no one believed in. In the last 3 months the major investors in this project have all seen their expectations more than satisfied. They are waiting on my word to jump on the next comparable situation.
deeles07@yahoo.com |
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lorie
480 Posts |
Posted - 04/25/2008 : 06:38:01 AM
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Yes, we realize that we will need several lenders for this project. We have 50 placed with one lender and 10 with another so far. We need help with the remaining ones.
Thanks. |
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Layne Jones
1478 Posts |
Posted - 04/25/2008 : 07:06:21 AM
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| Thats tough because of the properties being new developments. And guaranteed non-warrantable if every unit is an investment. If in Orlando I would guess they are all going to be open to short term rentals as well. Condotel maybe? |
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lorie
480 Posts |
Posted - 04/25/2008 : 08:23:16 AM
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quote:
Originally posted by Layne Jones
Thats tough because of the properties being new developments. And guaranteed non-warrantable if every unit is an investment. If in Orlando I would guess they are all going to be open to short term rentals as well. Condotel maybe?
It's interesting that you post this; b/c Wachovia is the Bank that took the 50 loans. These are not going to be short term rentals (I guess unless the purchaser decides to rent them on his own). I have not read the HOA docs, so I am not sure what the limit is on rental periods.
Thanks to everyone that's posted. We are still looking for lenders that can assist on the others we have not been able to place. Need 75% LTV - No Hard Money, please.
Thanks again :)
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