Commercial Lenders/Loan

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allanvincent

59 Posts

Posted - 05/09/2008 : 8:47:28 PM

Looking for a lender that will fund this loan based on its current appraised value
Purchase Price of $7,723,297.50
Value $11,728,150
26 units apartment complex
$1800 and $2200 per month

Let me know if you need additional information

swmsn

3999 Posts

Posted - 05/11/2008 : 08:34:30 AM

I may have an option of using a DP assist program.
The contract would be written for the Value and a lien would be put on the property so at closing the DP assist would get their money back and seller would walk with original 7.7M.
This is the only way I know to accomplish what you are trying to do.
( Property must Debt Service at the $7.7M as well )

dkny

137 Posts

Posted - 05/11/2008 : 8:15:42 PM

No one will. Most lenders will use value that comes less between purchase price or appraised value. How did you determine the $11.7M value?
Based on the income that you have provided the value should be in $6M range.

ccbank

1053 Posts

Posted - 05/12/2008 : 12:20:43 PM

We will.

brad.easter

27 Posts

Posted - 05/12/2008 : 12:26:54 PM

More information is needed. What justifies the higher appraisal? Was the appraisal ordered by a lender as part of this purchase transaction?

The only way to know what A-paper loan you can get is to submit operating expense documentation to determine DSCR.

Let's talk.

lenderben

933 Posts

Posted - 05/12/2008 : 12:48:02 PM

I agree with Dmitry. using a preliminary calculation the income justifies the purchase price. Most hard money lenders, including ourselves are mainly interested that the borrower is invested in the deal because we do not want the borrower walking away if times get tough.

allanvincent

59 Posts

Posted - 05/12/2008 : 4:58:21 PM

Thanks guys, I'm waiting for more information. My buyer has approached me with this property in hand, and he does have some liquidity to use as down payment if the deal makes sense. If the calculation of value is based on income, then I don't believe that this property's market value is @ $11m, according to my client, the value is on a flyer and that is the BPO on the property, which basically tells me that it is a broker's opinion. I'll keep everyone posted if we can capitalize...

Bruce@Met-West.c

243 Posts

Posted - 05/12/2008 : 10:24:46 PM

We offer up to 80% on MF, choice of fixed 3,5,7,10 or fully fixed and amort to 30 yrs.

GWallace

288 Posts

Posted - 05/13/2008 : 05:31:24 AM

Allan,

State Street Funding is a nationwide direct commercial Lender located in Dallas, Texas. I might be able to help you; however, I would need more information. As others have stated, typically the Lenders will go off of the lower of contract price or appraised value. Please contact me at your convenience.

EMScommercial

3703 Posts

Posted - 05/13/2008 : 08:46:59 AM

Typically a lending source will choose the lower value of the purchase and the appraised price....

We do have a couple in our 'inventory' that will - on a case by case situation consider going above that lower number....

The borrower will have to have enough money for the downpayment and fees incurred in the loan....

If he has this....

Please let us know if we can help you with your commercial scenario(s) - I'm sure that if there is any financing options for your clients out there, we can find it in our vast internal database of commercial lending sources of which we are direct brokers for (currently stands at 325+ entries as of today (lenders, banks, private money, hedge funds, pension funds, insurance companies, etc.)).

Eclipse Mortgage Services is the proverbial 'head of the snake'... the end of that broker chain.... next step - the lending source.....

** We issue a mutual NCND to protect both sides!! **

Remember... We only get paid when the thing funds!

Hyperlink to our page for submissions - very straight forward and simple - http://www.eclipsemortgageservices.com/body_contactme.php - we will instantaneously receive word of you submission and one of our account managers will be assigned and within one business day, you will be contacted and we can start the process!

Check out our BASIC RATE/TERM sheet to get an idea if your scenario is 'in the ball park' and then contact us to start the ball rolling to get specific numbers for your loan! http://www.EclipseMortgageServices.com/aaaaaEMS_ratesheet.pdf

Thank you...

andersonloans

32 Posts

Posted - 05/13/2008 : 11:15:59 AM

Hello... This may be possible. But how much are the borrowers putting down? Please e-mail or call me to discuss. Thx