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aaron1976
631 Posts |
 Posted - 05/15/2008 : 1:06:26 PM
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I do mainly hard money, but my sources have passed on this deal. I wanted to see if anyone can handle this:
Full package ready to go
Lake Elsinore, CA
696 FICO,stated
Hard money commercial construction for Phase 1 construction (ground up)
Construction of fully graded buildable pads
Land is not fully entitled--zoning change to commercial professional is the only thing needed to complete entitlements, city has approved general plan
1st of 2.15 million
2nd for 3 million (2nd WILL subordinate)
2.5 million needed construction money
Total Loan amount needed: 4.6 million + 12 month reserve + fees |
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EMScommercial
5138 Posts |
Posted - 05/15/2008 : 1:11:13 PM
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| So you need 4.6M.... what is the land worth right now (as it stands - unentitled)? |
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aaron1976
631 Posts |
Posted - 05/15/2008 : 1:18:48 PM
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| Actually with reserves and fees the loan amount will probably be around 5.5 million. The as-is value is 4.3 million, and upon development of the building pads the value is 9.7 million. Obviously, I need to work the deal on the improved value at 57% LTV. |
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jskolnick
233 Posts |
Posted - 05/15/2008 : 4:43:30 PM
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Aaron,
I have a lender who will do 50% ltv of the as is value of the land and 65% loan to completed value on the construction. If that helps, let me know.
We are commercial mortgage brokers.
We can arrange any type of asset based lending. From lines of credit to accounts receivable, purchase order, equipment financing to real estate. We maintain relationships with a variety of different banks. This gives us the ability to offer the best terms for loans from $500,000.00 and up. Loans can be submitted through our web site, www.greenmountainfs.com, via e-mail to greenmountainfs@gmail.com or call us at 516-596-1456.
Jerry Skolnick
Green Mountain Financial Services, Ltd.
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lenderben
1081 Posts |
Posted - 05/16/2008 : 06:45:20 AM
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our LTV needs to remain at 50% throughout the life of the loan, therefore we are coming against a hurdle at closing, given that 50% of the as-is needs to cover the debt, interest reserve and costs of the loan. does the borrower have cash or additional collateral to bring to closing?
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