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paul2120
53 Posts |
 Posted - 07/01/2008 : 4:43:23 PM
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Hello
Looking for help on a Land Loan in Bel Air Ca
35% ltv at appraised value of 1,300,000 for amount of 500k
Existing loan of 65k
Construction on NOO single family in excellent location
Ok with hard money terms
Appraisal complete at 1300000 for final project
Stated Verified with Reserves at 60k
Middle score 550 due to old lien that builder refuses to pay. No mort lates or Forcloser
Perfect payment history on current loans 36 months
Will have building permit in weeks
100% of Geo, Eng, Soils, and Architech done and corrected by city right now.
Purpose of loan is to pay for permitting, bonding, and construction
Project is four stories, builder will submit the project as attic space for the remaining two floor
Can do two disbursements, 150k prior to permitting to pay existing land loan and permit/site prep costs, then remainder for framing and foundation. Will include all points for entire loan and 6m interest in initial disbursement.
No second disbursement without permits
Will take a little creative thinking but that’s the only way to make money these days
Borrower is a experienced and has perfect payment history on all his real estate loans
Best part, willing to cross colat with SFR in NJ that is owned free and clear and three lots adjacent to the project also owned by same owner
Rough est on values is 150k for SFR and 300k for additional land, only if absolutely nec
No rush to close but borrower wants to get to work as soon as possible
Call with any questions
Thank you
Paul 310 488 1235
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KHufford
5993 Posts |
Posted - 07/01/2008 : 4:48:17 PM
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quote:
Originally posted by paul2120
Hello
Looking for help on a Land Loan in Bel Air Ca
35% ltv at appraised value of 1,300,000 for amount of 500k
Existing loan of 65k
Construction on NOO single family in excellent location
Ok with hard money terms
Appraisal complete at 1300000 for final project
Stated Verified with Reserves at 60kMiddle score 550 due to old lien that builder refuses to pay. No mort lates or Forcloser
Perfect payment history on current loans 36 months
Will have building permit in weeks
100% of Geo, Eng, Soils, and Architech done and corrected by city right now.
Purpose of loan is to pay for permitting, bonding, and construction
Project is four stories, builder will submit the project as attic space for the remaining two floor
Can do two disbursements, 150k prior to permitting to pay existing land loan and permit/site prep costs, then remainder for framing and foundation. Will include all points for entire loan and 6m interest in initial disbursement.
No second disbursement without permits
Will take a little creative thinking but that’s the only way to make money these days
Borrower is a experienced and has perfect payment history on all his real estate loans
Best part, willing to cross colat with SFR in NJ that is owned free and clear and three lots adjacent to the project also owned by same owner
Rough est on values is 150k for SFR and 300k for additional land, only if absolutely nec
No rush to close but borrower wants to get to work as soon as possible
Call with any questions
Thank you
Paul 310 488 1235
Never gonna get it.
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paul2120
53 Posts |
Posted - 07/01/2008 : 8:48:06 PM
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Thanks for the vote of confidence pal.
I certainly wont get by giving up.
Hope all your deals are going well. |
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mantixmortgage
2717 Posts |
Posted - 07/01/2008 : 9:27:31 PM
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| omg how many times have you posted this |
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KHufford
5993 Posts |
Posted - 07/01/2008 : 10:08:44 PM
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quote:
Originally posted by paul2120
Thanks for the vote of confidence pal.
I certainly wont get by giving up.
Hope all your deals are going well.
I give good, blunt advice, and usually is accurate, if you choose to think I am just joking and dont have 100 of the same deals in my garbage bin, then go ahead, continue to waste your valuable time.
By the way, "confidence" and "not giving up" dont get crappy deals done these days. I apprecaite your tenacity but it gets pathetic when people dont give up and get the balls to tell the client its just not available.
I have people with 700 scores and full doc who cant get construction loans. THE FIRST TIME I READ THIS I DIDNT EVEN GET TO THE NON OWNER OCC PART! MY GOD, I JUST SAW THAT! GIVE IT UP!!
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KHufford
5993 Posts |
Posted - 07/01/2008 : 10:11:21 PM
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quote:
Originally posted by paul2120
Thanks for the vote of confidence pal.
I certainly wont get by giving up.
Hope all your deals are going well.
The answer is 6 total threads for this deal..
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mantixmortgage
2717 Posts |
Posted - 07/01/2008 : 10:12:33 PM
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boom. outta here.
signed,
construction loans |
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KHufford
5993 Posts |
Posted - 07/01/2008 : 10:14:30 PM
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quote:
Originally posted by mantixmortgage
boom. outta here.
signed,
construction loans
HAHA! Well maybe if they are owner occ, 55 LTFV 700 and full doc, then they are doable..
1 800 PUG DUBA!
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gucci74
53 Posts |
Posted - 07/02/2008 : 12:43:38 PM
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bizmark out of washinton state if not go on scootsman guide and do the commercial search wizardquote:
Originally posted by paul2120
Hello
Looking for help on a Land Loan in Bel Air Ca
35% ltv at appraised value of 1,300,000 for amount of 500k
Existing loan of 65k
Construction on NOO single family in excellent location
Ok with hard money terms
Appraisal complete at 1300000 for final project
Stated Verified with Reserves at 60k
Middle score 550 due to old lien that builder refuses to pay. No mort lates or Forcloser
Perfect payment history on current loans 36 months
Will have building permit in weeks
100% of Geo, Eng, Soils, and Architech done and corrected by city right now.
Purpose of loan is to pay for permitting, bonding, and construction
Project is four stories, builder will submit the project as attic space for the remaining two floor
Can do two disbursements, 150k prior to permitting to pay existing land loan and permit/site prep costs, then remainder for framing and foundation. Will include all points for entire loan and 6m interest in initial disbursement.
No second disbursement without permits
Will take a little creative thinking but that’s the only way to make money these days
Borrower is a experienced and has perfect payment history on all his real estate loans
Best part, willing to cross colat with SFR in NJ that is owned free and clear and three lots adjacent to the project also owned by same owner
Rough est on values is 150k for SFR and 300k for additional land, only if absolutely nec
No rush to close but borrower wants to get to work as soon as possible
Call with any questions
Thank you
Paul 310 488 1235
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paul2120
53 Posts |
Posted - 07/02/2008 : 3:08:30 PM
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Kyle,
If your purpose is advice I welcome any I can get. I think we can all learn from each other. If your just bored then feel free to skip my thread. As far as submitting this multiple time, I alway recieve calls on it whenever it goes in. Most people are just tire kickers, but at least I get to speak to potential contacts for the next deal. Believe it or not I always get interest in the deal, so I will keep posting.
I respect your opinion and if you have any ideas on how better I should use my time then I welcome your input. Honestly it takes just a few minutes in the day.
If I get it done then I'll make a donation in your name to your favorite charity.
Take Care
Paul
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KHufford
5993 Posts |
Posted - 07/02/2008 : 3:44:18 PM
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quote:
Originally posted by paul2120
Kyle,
If your purpose is advice I welcome any I can get. I think we can all learn from each other. If your just bored then feel free to skip my thread. As far as submitting this multiple time, I alway recieve calls on it whenever it goes in. Most people are just tire kickers, but at least I get to speak to potential contacts for the next deal. Believe it or not I always get interest in the deal, so I will keep posting.
I respect your opinion and if you have any ideas on how better I should use my time then I welcome your input. Honestly it takes just a few minutes in the day.
If I get it done then I'll make a donation in your name to your favorite charity.
Take Care
Paul
You are getting "calls" and "interest" in the deal by idiots who "think they can do it" not experts who know. IMHO I am an expert with these type of deals especially - this deal is complete TRASH and you will only continue to get tire kickers and complete losers who will waste your time submitting the deal only to never get anything done. For god sakes, move on to the next deal already..
With that said on done, I finally actually read your post again, and cannot even understand what you re trying to build? Its not even ready for a construction loan based on needing permits still?
If this is a commercial building and the owner has over 35% of HARD costs in personally then maybe hard money is viable, but other than that, kick it to the curb..
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gucci74
53 Posts |
Posted - 07/02/2008 : 4:00:40 PM
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dont give up you will find a home for it remember the experts had the lakers in 5 and my boys took it to their a** you need private money someone who can get 15% on their money in a 12 month time frame quote:
Originally posted by paul2120
Kyle,
If your purpose is advice I welcome any I can get. I think we can all learn from each other. If your just bored then feel free to skip my thread. As far as submitting this multiple time, I alway recieve calls on it whenever it goes in. Most people are just tire kickers, but at least I get to speak to potential contacts for the next deal. Believe it or not I always get interest in the deal, so I will keep posting.
I respect your opinion and if you have any ideas on how better I should use my time then I welcome your input. Honestly it takes just a few minutes in the day.
If I get it done then I'll make a donation in your name to your favorite charity.
Take Care
Paul
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gucci74
53 Posts |
Posted - 07/02/2008 : 4:03:29 PM
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hey wassup with the NJ property can you get away with 55% ltv on a 5/1 arm @ 12.5% take the money out on that for now no doc 550 is fine can do under 500 score let me know i'll hook you up with the lender quote:
Originally posted by paul2120
Hello
Looking for help on a Land Loan in Bel Air Ca
35% ltv at appraised value of 1,300,000 for amount of 500k
Existing loan of 65k
Construction on NOO single family in excellent location
Ok with hard money terms
Appraisal complete at 1300000 for final project
Stated Verified with Reserves at 60k
Middle score 550 due to old lien that builder refuses to pay. No mort lates or Forcloser
Perfect payment history on current loans 36 months
Will have building permit in weeks
100% of Geo, Eng, Soils, and Architech done and corrected by city right now.
Purpose of loan is to pay for permitting, bonding, and construction
Project is four stories, builder will submit the project as attic space for the remaining two floor
Can do two disbursements, 150k prior to permitting to pay existing land loan and permit/site prep costs, then remainder for framing and foundation. Will include all points for entire loan and 6m interest in initial disbursement.
No second disbursement without permits
Will take a little creative thinking but that’s the only way to make money these days
Borrower is a experienced and has perfect payment history on all his real estate loans
Best part, willing to cross colat with SFR in NJ that is owned free and clear and three lots adjacent to the project also owned by same owner
Rough est on values is 150k for SFR and 300k for additional land, only if absolutely nec
No rush to close but borrower wants to get to work as soon as possible
Call with any questions
Thank you
Paul 310 488 1235
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PBFinancial
427 Posts |
Posted - 07/03/2008 : 1:01:40 PM
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| If I like the house I would consider doing this deal at 12% and 5 points. Call me at 310-289-0900 x 102 or pbroukhim@Pbfinancialgrp.com. |
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