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mantixmortgage
2717 Posts |
 Posted - 06/30/2008 : 11:05:07 AM
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couldnt hurt to try...also i want to see if this has been shopped to death yet
i have the summary..
construction of 20 condos, the dude needs 3.9M to finish the project. 50%LTV
he has a commitment from a bank for the other 15M
each condo comes with a 125k membership to PGA West golf courses
would you like to know more? |
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nancy.mortgage
121 Posts |
Posted - 06/30/2008 : 2:08:20 PM
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| If he is an experienced developer I may be able to help. |
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KHufford
5993 Posts |
Posted - 06/30/2008 : 2:12:56 PM
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http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=229614
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mantixmortgage
2717 Posts |
Posted - 06/30/2008 : 2:41:04 PM
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| development deals...boom, outta here |
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KHufford
5993 Posts |
Posted - 06/30/2008 : 2:45:24 PM
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quote:
Originally posted by mantixmortgage
development deals...boom, outta here
LOL
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brad.easter
696 Posts |
Posted - 06/30/2008 : 2:50:22 PM
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I can tell you that the condo market in the Coachella Valley is deader than dead. I had three developer clients that went broke trying to sell-out their projects. They ended-up giving them back to the bank. The market was excellent when the projects came out of the ground but...you know the rest.
Don't waste your time with residential development in SoCal, and especially in the Palm Springs area. There is a reason they are throwing in the golf memberships. |
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monarchdad
1811 Posts |
Posted - 06/30/2008 : 3:04:56 PM
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quote:
Originally posted by mantixmortgage
would you like to know more?
How about the anticipated date of the bankruptcy filing. |
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brad.easter
696 Posts |
Posted - 06/30/2008 : 3:12:03 PM
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quote:
Originally posted by monarchdad
quote:
Originally posted by mantixmortgage
would you like to know more?
How about the anticipated date of the bankruptcy filing.
LMAO!!! |
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saloutpost
128 Posts |
Posted - 07/04/2008 : 2:29:57 PM
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Send it to me I have options
Sal
beneficial_financialsolutions@msn.com |
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MRLEND.COM
123 Posts |
Posted - 07/05/2008 : 11:13:55 AM
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I know the P.M. market pretty well because my sister was shopping for a house down there. Each home (and she looked at about 200 = and she is a Broker too) was getting a ton of bids each. Especially La Quinta because it has one of THE best school districts. She had put in about 30 offers and was outbid on every single one = and her offers were for asking price and sometimes above. After about 3 months searching, she finally got one accepted. So anyone telling you that area is dead has lost their mind because it is still more affordable thank L.A. or Fontana for that matter and has a very good school district.
If your borrower has "equity stake" of 35% or more (not including sweat equity), we have an investor about 30 miles west from there that will come out to inspect the property.
Please give me a call and let's discuss his time frame for sales, totally equity stake look at the absorption rates for Condos in the area and then make the determination if this is a worthwhile loan.
I sent you an email with a lot of questions.
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