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realtyjeff
30 Posts |
 Posted - 06/10/2008 : 1:22:35 PM
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I am looking for a lender for help on a deal I am working on for a client for a property in Nevada. It is a brand new completed building zoned and built as condos. However the client who has an option on it has a MAI appraisal done with a projected value based on fractional sales of the units. They projected value is $76 million and they are looking for the highest LTV they can get. credit is fine as well as they have $650,000 on deposit.
Can they get the loan based on the projections or would the value have to be based on what it is worth just as normal condos? Even with the projected value from the MAI appraiser at $76 million they would still make an additional $55 million with all fractional units/timeshares are sold. Please leave me a reply if you belive we can do this based on the $76 million sales price and I will get back to you right away. |
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ddmortgage
268 Posts |
Posted - 06/10/2008 : 1:43:01 PM
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| I may have an investor that would have interest in this. Email me and we can discuss this in more detail. |
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cspatmon
1229 Posts |
Posted - 06/10/2008 : 5:51:05 PM
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Hey Mr. Man, shoot me an email,  I waited to hear back from you about you know what.... |
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dkendall1979
8822 Posts |
Posted - 06/10/2008 : 6:02:20 PM
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Jeff, Condos/Vegas = garbage
Don't spend too much time on this thing. |
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DINEROS
1016 Posts |
Posted - 06/10/2008 : 6:03:54 PM
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quote:
Originally posted by dkendall1979
Jeff, Condos/Vegas = garbage
Don't spend too much time on this thing.
Why would you say that? Such a strong statement needs reasons to back it up.
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dkendall1979
8822 Posts |
Posted - 06/10/2008 : 6:08:55 PM
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Are you being serious?
Dineros, you're a smart guy. Just take my word for it, Condos and Vegas are... well, oversaturated doesn't even begin to explain it, Imagine being immursed in a steaming pile of cow poo, then imagine that steaming pile of cow poo was the size of Texas... now instead of cow poo, it's condos. That's about how many underfunded condo projects there are in Vegas right now. A penthouse condo in a luxury tower that sold for $3M+ 3yrs ago will sit on the market for 100+ days at $500k today. It's horrible!
quote:
Originally posted by DINEROS
quote:
Originally posted by dkendall1979
Jeff, Condos/Vegas = garbage
Don't spend too much time on this thing.
Why would you say that? Such a strong statement needs reasons to back it up.
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celloshred
1670 Posts |
Posted - 06/10/2008 : 6:14:46 PM
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| I was just in Vegas this weekend. Condo developements are popping up 15-20 minutes CLOSER on the 15 than they were a year ago and didnt look like much 'work' was going on to finish them. I had a nice view of the Trump building and didnt look like anyone was there except some tumbleweeds and a few kids on acid trying to lick the windows. |
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dkendall1979
8822 Posts |
Posted - 06/10/2008 : 6:23:05 PM
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You saw us, huh?
quote:
Originally posted by celloshred
I was just in Vegas this weekend. Condo developements are popping up 15-20 minutes CLOSER on the 15 than they were a year ago and didnt look like much 'work' was going on to finish them. I had a nice view of the Trump building and didnt look like anyone was there except some tumbleweeds and a few kids on acid trying to lick the windows.
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KHufford
5310 Posts |
Posted - 06/10/2008 : 6:30:11 PM
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quote:
Originally posted by DINEROS
quote:
Originally posted by dkendall1979
Jeff, Condos/Vegas = garbage
Don't spend too much time on this thing.
Why would you say that? Such a strong statement needs reasons to back it up.
Everyone who follows the RE Market in ths US...knows this. Stick to the Dominican Joerg..
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KHufford
5310 Posts |
Posted - 06/10/2008 : 6:40:09 PM
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quote:
Originally posted by DINEROS
quote:
Originally posted by KHufford
quote:
Originally posted by DINEROS
quote:
Originally posted by dkendall1979
Jeff, Condos/Vegas = garbage
Don't spend too much time on this thing.
Why would you say that? Such a strong statement needs reasons to back it up.
Everyone who follows the RE Market in ths US...knows this. Stick to the Dominican Joerg..
I honestly did not know it became quite this bad. Sorry.
Condos just got way overbuilt...they were the hype of everything, especially in Vegas were thousands on highrise condos and condotels went up over the last few years. With price drops and low demand right now due to needing basically 30% down and full doc, the market for these shrank big time.
Unsold units are just very hard to value right now..nobody knows, so until things shake out they are just hard as hell to finance. For now..
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DINEROS
1016 Posts |
Posted - 06/10/2008 : 7:17:10 PM
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I appreciate the update on Vegas, most national news only cover FL and CA. I also have to admit, that I read this line wrong:
Jeff, Condos/Vegas = garbage
Jeff and Condos in Vegas are garbage.
Sorry, I misread it. I thought the line was reflecting on a bad deal or broker.
But also, I did not know that things are quite as drastic in Vegas. Thanks for the update. |
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cfuelling
217 Posts |
Posted - 06/10/2008 : 7:27:48 PM
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| Try www.TheLoanPost.com they have over 75 commercial lenders hat might be able to help |
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KHufford
5310 Posts |
Posted - 06/10/2008 : 7:33:42 PM
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quote:
Originally posted by cfuelling
Try www.TheLoanPost.com they have over 75 commercial lenders hat might be able to help
No offense, but thats not good advice, dont make this guy waste more time hunting down lenders that will never have the ability to do this deal...unless he is already an expert in commercial financing and has a network of sources its is 99% sure that it will never get done by him, let alone done at all.
The reason a fairly inexperienced broker would "have" this deal is because it has been through the ringer and the principles are desperate, sending it out to everyone and anyone. No offense to the OP, but thats usually the case.
If it was as easy as googling through the loanpost to get these done it would have been funded already. With tons of commission on the line, if it was doable, someone would have done it.
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DINEROS
1016 Posts |
Posted - 06/10/2008 : 7:43:07 PM
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quote:
Originally posted by KHufford
quote:
Originally posted by cfuelling
Try www.TheLoanPost.com they have over 75 commercial lenders hat might be able to help
No offense, but thats not good advice, dont make this guy waste more time hunting down lenders that will never have the ability to do this deal...unless he is already an expert in commercial financing and has a network of sources its is 99% sure that it will never get done by him, let alone done at all.
The reason a fairly inexperienced broker would "have" this deal is because it has been through the ringer and the principles are desperate, sending it out to everyone and anyone. No offense to the OP, but thats usually the case.
If it was as easy as googling through the loanpost to get these done it would have been funded already. With tons of commission on the line, if it was doable, someone would have done it.
Go figure, he is the President of "theloan post.com thing". Nice, beautiful, selfless advice. Why is everything just becoming a scam? It should be, try the loanpost.com, WE have 75 lenders if you are the damn President....
On top of it, this should be in the announcements section. I am just getting so tired of all the little jokes that post here, from juice paddlers to web site pushers. I am going to bed, good night to all.
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cspatmon
1229 Posts |
Posted - 06/10/2008 : 8:16:02 PM
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| Hufford my sentiments exactly. I can say that most of the scenarios that are posted these days fall into the same category.....just my opinion..... |
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waynepbright
3564 Posts |
Posted - 06/10/2008 : 8:27:08 PM
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YUP, PASS .. |
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realtyjeff
30 Posts |
Posted - 06/11/2008 : 06:17:58 AM
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| Thanks for the input on this. I have done several commercial deals but nothing this large. I know the buyer but hey had it with a guy his partner knows. However he has been dragging his feet on it for many months. I thouhgt it was a long shot to see if it could be done but hey you dont know if you dont try. Is the market for a deal like this being the sale of timeshares dead in Vegas? My clinet/freind is convinced he has a great deal and is not going to give up until he finds a lender on this. Oh well thanks again. |
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KHufford
5310 Posts |
Posted - 06/11/2008 : 08:14:21 AM
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quote:
Originally posted by realtyjeff
Thanks for the input on this. I have done several commercial deals but nothing this large. I know the buyer but hey had it with a guy his partner knows. However he has been dragging his feet on it for many months. I thouhgt it was a long shot to see if it could be done but hey you dont know if you dont try. Is the market for a deal like this being the sale of timeshares dead in Vegas? My clinet/freind is convinced he has a great deal and is not going to give up until he finds a lender on this. Oh well thanks again.
They ALL are...its your job to to lay out reality for them or tell them to hit the bricks.
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EMScommercial
4749 Posts |
Posted - 06/11/2008 : 08:17:28 AM
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I'll add my two cents....
Condo developments in Vegas and Miami, FL are too numerous and too many units sit vacant for too long.....
This is why they are 'white elephants' and are nearly impossible to find financing for....
I wish you well with this one....
Have a nice day.... |
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tdelgado
9 Posts |
Posted - 06/11/2008 : 11:51:46 AM
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We are a private money lender and we would love to take a look at any other information you may have on this project. Hope to hear from you.
Best Regards, |
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lvfin
20 Posts |
Posted - 06/12/2008 : 2:46:18 PM
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I might be able to help. I am working with a Privately Funded Trust going to 90 LTC at a 12 Month Libor plus 500 basis points with 5 points origination. Strong borrower and proof of 10% in the project a must. Let me know if you would like more information.
Adam Fridman
adam@lvfin.com |
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cfuelling
217 Posts |
Posted - 06/13/2008 : 06:00:48 AM
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quote:
Originally posted by DINEROS
quote:
Originally posted by KHufford
quote:
Originally posted by cfuelling
Try www.TheLoanPost.com they have over 75 commercial lenders hat might be able to help
No offense, but thats not good advice, dont make this guy waste more time hunting down lenders that will never have the ability to do this deal...unless he is already an expert in commercial financing and has a network of sources its is 99% sure that it will never get done by him, let alone done at all.
The reason a fairly inexperienced broker would "have" this deal is because it has been through the ringer and the principles are desperate, sending it out to everyone and anyone. No offense to the OP, but thats usually the case.
If it was as easy as googling through the loanpost to get these done it would have been funded already. With tons of commission on the line, if it was doable, someone would have done it.
Go figure, he is the President of "theloan post.com thing". Nice, beautiful, selfless advice. Why is everything just becoming a scam? It should be, try the loanpost.com, WE have 75 lenders if you are the damn President....
On top of it, this should be in the announcements section. I am just getting so tired of all the little jokes that post here, from juice paddlers to web site pushers. I am going to bed, good night to all.
Wow... I take it you have not heard of or used www.TheLoanPost.com On the commercial side, it has a directory of over 75 Commercial lenders. I don't know all of them by heart, but I have spoke with several of them who only specialize in $10 Million+ plus deals. I realize this deal is tricky and probably not doable, however I stongly feel that if there is any chance for this deal, at least a handful of commercial lenders from www.TheLoanPost.com should respond with some type of max LTV.
I know I have a biased opinion being the President, but I strongly encourage you to ask your fellow BO members if anyone has had 1 BAD experience. Yes we charge for our services ($39.99/Monthly) however, we offer 30 days risk free, essentially a money back guarantee. |
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