Commercial lenders

Author

Previous Topic | Next Topic

isne14420

109 Posts

Posted - 05/21/2008 : 5:25:23 PM

Any commercial lenders out there doing loans that don't require the up-front commitment fee? I've got a developer with a $14.5 million project. collateral of $20.5.
85% done with the project and ran out money. Needs someone to take over first lein position and fund the rest. anyone?

gcaron05

247 Posts

Posted - 05/21/2008 : 6:31:28 PM

quote:
Originally posted by isne14420

Any commercial lenders out there doing loans that don't require the up-front commitment fee? I've got a developer with a $14.5 million project. collateral of $20.5.
85% done with the project and ran out money. Needs someone to take over first lein position and fund the rest. anyone?

Let me take a look at it, Contact me.

omegafunding

287 Posts

Posted - 05/21/2008 : 9:56:54 PM

We would be interested in reviewing the project. You must deal direct with borrower and your borrower must be willing to travel and meet with our investors face to face if it is a viable project. No upfront junk fees. Speak with the decision makers. This is private money. Might take around 30 days. If your client needs it faster than we will take a pass.
Ben
Omega Funding, Inc
www.omegafund.com
720-279-4345

nancy.mortgage

122 Posts

Posted - 05/22/2008 : 05:50:45 AM

quote:
Originally posted by isne14420

Any commercial lenders out there doing loans that don't require the up-front commitment fee? I've got a developer with a $14.5 million project. collateral of $20.5.
85% done with the project and ran out money. Needs someone to take over first lein position and fund the rest. anyone?

I recently joined CU Lending Partners as an Account Executive. I would be happy to present your deal, it appears to fit our guidelines. We are direct lenders with excellent rates.

mortgagemessiah

8003 Posts

Posted - 05/22/2008 : 06:40:54 AM

quote:
Originally posted by isne14420

Any commercial lenders out there doing loans that don't require the up-front commitment fee? I've got a developer with a $14.5 million project. collateral of $20.5.
85% done with the project and ran out money. Needs someone to take over first lein position and fund the rest. anyone?

Usually if a builder runs out of money on a project, it's a bad sign. 15% is a big margin.

shizah

509 Posts

Posted - 05/22/2008 : 07:47:23 AM

My thoughts exactyly Diberto!!!! Not only that, but I love it when they don't want to pay the upfront fees.

brice@premiertex

3 Posts

Posted - 05/22/2008 : 08:46:55 AM

We are one of the few Direct Commercial Lenders that still offer 80% LTV for investor purchase of Multi Family properties up to $25 million and that is at rates lower than 6.3% fixed. We also have up to 90% LTV on Owner User properties at rates below 6.5%. We have been privileged to have one of the best incentives programs in the US by refunding 80% of your clients 3rd party cost back to them at closing. We really encourage broker to give us a call and see why we have helped successful broker like you close more loans. We have been the best at seeing where we can give your Client the most money at the best rates and still keeps the fees realistic and low. We are able to lend on almost every major Commercial property type and more importantly we are one of the few acquisition & development lenders that lend at a realistic rate, most times less than 6% which is unheard of in today’s commercial climate. A few lessons that we have learned is we cannot be successful if we spend our day to day activities charging aggressive fees. We monitor our underwriters to make sure nothing is out of place nor do we waste time processing the loan. We are here to make a huge difference in your bottom line and in the future growth of your client’s real estate portfolio.

Purchase, Refinance loan amounts between $ 500,000
To over $ 25,000,000

Acquisition and Development & Construction loan from 1,000,000 to over $50,000,000

Hard Money Loans up to $10,000,000 handled on a case by case basis

Brice Wardell
Sr. Commercial Loan Officer
Owens Premier Mortgage
McAllen, Texas 78501
brice@premiertex.com
(956) 631-1515 Office Number
(956) 905-2602 Cell
(956) 631-1516 Fax

apaone

158 Posts

Posted - 05/22/2008 : 11:29:59 AM

***ALL COMMERCIAL AND PRIVATE MONEY LOANS***
Anthony Paone Prime Meridian Management 631-834-5050.
I have multiple broker and lender connections in NY who have access to many funds both domestic and international as well as my own fund. Please give me a call at your leisure as I look forward to doing business with you. Thank You. Have outlet for residential loans and also specialize in FHA loan In over 9 states.

simply commercia

77 Posts

Posted - 05/22/2008 : 4:53:34 PM

who wants to pay upfront fees?? no one does but that is not what is going to happen. You need to put yourself in a different position. if you were going to lend out your own money, would you pay for the appraisal and other 3rd party fees?? or would you want upfront deposit to pay for the items and let the borrower show you they were serious?? common sense here. Sorry for the venting, but i am tired of people wanting to do commercial loans, and don't want to pay for anything. agghh.

EMScommercial

5141 Posts

Posted - 05/27/2008 : 1:35:29 PM

Well, others have picked this apart so i will just say....

This doesn't look like a very doable deal based on what you wrote....

Sorry.... keep charging! Have a nice day....

rocky007

371 Posts

Posted - 05/31/2008 : 06:06:51 AM

adding my 2 cents..agree with Christopher

isne14420

109 Posts

Posted - 06/02/2008 : 11:24:33 AM

quote:
Originally posted by mortgagemessiah

quote:
Originally posted by isne14420

Any commercial lenders out there doing loans that don't require the up-front commitment fee? I've got a developer with a $14.5 million project. collateral of $20.5.
85% done with the project and ran out money. Needs someone to take over first lein position and fund the rest. anyone?

Usually if a builder runs out of money on a project, it's a bad sign. 15% is a big margin.

The project is in an area that has $24,000,000,000 worth of construction going on. Not to defend my borrower but contractors definitely have the upper hand. Unfortunately for my borrower the contractor he first got involved with delayed him 8 months. Now my borrower has done everything he can to get the project moving again and is now strapped for cash and cannot afford up front fees. closing costs are no biggie, high interest rates are no biggie. The lenders, brokers, etc that I have gone to so far have loved the loan but not willing to concede those upfront fees. I'm sure that anyone who can will get a smoking hot loan in return!

Previous Topic | Next Topic