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mtel
416 Posts |
 Posted - 05/14/2008 : 12:16:06 PM
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I'm looking for sources on this. I know how difficult construction funding is based on the oversupply currently available. Based on location and the fact that horizontal infrastructure is already in place, this project might have a chance. It's beach front, ultra-luxury SFR estate homes. 65% LTV
Ultra luxury estate homes in a fee simple gated ocean front community with a private boat slip marina.
Acquired as raw land in February '07. Currently in the vertical construction phase.
Acquisition loan was for a total of 15 months and expires May '08.
Estimated "As-Is" value $31,000,000
Discounted sell-out value of lots will be approximately $34,000,000.
These lots can be initially sold without a home package but will have limitations in the time allowed to complete the build-out of the home. The completed product of a home+lot package will be introduced into the market at $875.00 per sq ft. The area currently is selling north of $1000.00 per sq ft, so there is a very good pre-construction savings when purchasing a full custom estate home. Sources and uses of proceeds are broken down into, construction funding, marketing budget, interest reserves for 24 months, closing costs and the payoff of the existing debt on the property of $15,000,000.
Please let me know if you have options.
M
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privatelender4u
173 Posts |
Posted - 05/14/2008 : 12:20:40 PM
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| Email me the detail. I might be able to help. |
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mortgagemessiah
8003 Posts |
Posted - 05/14/2008 : 12:23:13 PM
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| Unless you have 30-40% of these presold with 20%+ deposits, you're wasting your time. |
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mtel
416 Posts |
Posted - 05/14/2008 : 12:24:53 PM
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quote:
Originally posted by privatelender4u
Email me the detail. I might be able to help.
Emailing you now. |
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mtel
416 Posts |
Posted - 05/14/2008 : 12:27:33 PM
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quote:
Originally posted by mortgagemessiah
Unless you have 30-40% of these presold with 20%+ deposits, you're wasting your time.
I agree that this one is one step from near imposssible right now. I'm hoping someone local in FL might be able to feel comfortable with it. But I won't put much time into it. Duly noted and thanks much. |
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coopercash
2716 Posts |
Posted - 05/14/2008 : 1:38:42 PM
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Michael, as Steve pointed out this is an incredibly difficult project to get financed without legit and fully confirmed pre-sales for at least 60% of the project.
There MAY be a slim chance of approaching this in bite-sized pieces with a Fund that will require the General Contractor to build with UNION LABOR as a funding condition.
Maybe an emailed Executive Summary would be useful in that I can at least get an initial reaction from the investor.
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EMScommercial
5138 Posts |
Posted - 05/14/2008 : 2:17:23 PM
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Being in Florida, I am saddened by all of the property just sitting.... not selling.....
It will get better... but right NOW.... tough tough times down here...
Maybe we could help.... but, being as honest as i can, i'll tell you - this will be an uphill row to hoe....
If you'd like to discuss, let me know....
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... |
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lenderben
1081 Posts |
Posted - 05/14/2008 : 2:20:47 PM
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I agree with Richard. We are very hesitant to get involved in residential subdivisions, let alone FL. But its worth a shot, if you a summary, i'll be happy to take a look.
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mtel
416 Posts |
Posted - 05/14/2008 : 3:09:33 PM
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| Richard, Ben and Christopher thank you all for the responses. You're all confirming what I suspected. Let me get some more information on it before I take up anyone's time on this. The information I have so far is just based on a phone call. I'm supposed to receive an executive summary shortly. If it comes in I'll forward so you can spend 2 minutes reviewing it. Thanks again. |
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velecico
3992 Posts |
Posted - 05/14/2008 : 4:50:16 PM
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I hear the super luxe stuff can move |
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KHufford
6002 Posts |
Posted - 05/14/2008 : 5:11:16 PM
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quote:
Originally posted by mtel
Richard, Ben and Christopher thank you all for the responses. You're all confirming what I suspected. Let me get some more information on it before I take up anyone's time on this. The information I have so far is just based on a phone call. I'm supposed to receive an executive summary shortly. If it comes in I'll forward so you can spend 2 minutes reviewing it. Thanks again.
Good call....I keep seeing broker get pissed off when people dont give them answers they want, but its helping you save time.
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swmsn
4205 Posts |
Posted - 05/15/2008 : 12:24:36 AM
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| Great point Kyle. |
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mtel
416 Posts |
Posted - 05/15/2008 : 06:44:50 AM
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quote:
Originally posted by velecico
I hear the super luxe stuff can move
I agree with you. This would be extremely tough to fund but the location and the project type is the only reason I took a hard look at it for a day. I'm still waiting for additional information though, so until then it gets put aside... |
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mtel
416 Posts |
Posted - 05/15/2008 : 06:47:28 AM
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quote:
Originally posted by KHufford
quote:
Originally posted by mtel
Richard, Ben and Christopher thank you all for the responses. You're all confirming what I suspected. Let me get some more information on it before I take up anyone's time on this. The information I have so far is just based on a phone call. I'm supposed to receive an executive summary shortly. If it comes in I'll forward so you can spend 2 minutes reviewing it. Thanks again.
Good call....I keep seeing broker get pissed off when people dont give them answers they want, but its helping you save time.
Thanks, I've never had problems taking good advice (as long it comes from a valid source).
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dpro0212
54 Posts |
Posted - 05/15/2008 : 10:24:40 AM
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Here is what I need to look at this:
Where is property located in FL? Please provide any maps, aerial pictures you may have.
Clarification - Why is the "as is" value $31 and the discounted value $34?
Why are the pre-sales at 0%? Has this project been marketed?
dprocopio@nationsfirstloans.com |
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tristanhunt
3298 Posts |
Posted - 05/15/2008 : 10:32:53 AM
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| What's the current loan to cost (how much money has the developer put in so far soft + horizontal + vertical)? |
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