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themortgageartis
415 Posts |
 Posted - 05/05/2008 : 4:18:37 PM
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All of these properties are completed and pictures, floorplans, an appraisal, and all financial documentation can be provided upon request.
- MICHIGAN
- Hard $ Loan
- Full Doc (2 years of tax returns for both principals in the corp)
- $750K Loan Amount
- January 2008 appraisal of $1.525 M
- Portfolio of 8 spec homes, 4 attached townhomes & 4 single family homes
- One of the SFRs is currently under contract for a June closing @ $205K. After commissions are collected, $175K would be available for debt service on the note.
- Looking to consolidate their construction financing and finish the development (pool, street lights etc).
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KHufford
5701 Posts |
Posted - 05/05/2008 : 4:20:09 PM
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Spec homes in Michigan!? You are serious?
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mortgagemessiah
8003 Posts |
Posted - 05/05/2008 : 4:23:58 PM
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| Where are they in Michigan? My partner and I ar from there and he did residential development there for 25 years. We would like to take a look at it. Are they presold? Michigan is really tough right now. If he doesn't have pre-solds with 20-30% deposits, it's not going to happen. |
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EMScommercial
5052 Posts |
Posted - 05/05/2008 : 6:03:26 PM
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| going to be a toughie.... good luck to you.... |
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themortgageartis
415 Posts |
Posted - 05/06/2008 : 2:03:43 PM
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Kyle, as Uncle Rico would say, I'm dead serious.
Thanks for the warm wishes Chris.
Steve, I'll be in touch. On a related note, I'm working with a local builder who'd like to use us for their development loans. I'm thinking that their best bet is construction-perm loans. Is that the only viable alternative? |
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