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kmanc41
60 Posts |
 Posted - 07/11/2008 : 10:41:11 AM
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| Need $35MM for Post Katrina/Rita Condo Development. Already have approved plans for 40,000 units. Federal and State funding approved. $68MM bond already in place to secure loan. $35 MM is for phase 1 of approx 2500 units. 2 seperate projects No other funding for project needed. Only serious individuals please. I can email entire project plans and spec plus developer resume upon receipt of broker protection letter. |
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Quicksilver
4531 Posts |
Posted - 07/11/2008 : 11:51:00 AM
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Sounds similar to one a partner was working on awhile ago, the problems we ran into with some other projects out there was investors backing out b/c, of well, the area. Very cautious, worried of another Hurricane hitting and demolishing any construction.
Good luck |
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smithami
176 Posts |
Posted - 07/11/2008 : 12:41:55 PM
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quote:
Originally posted by kmanc41
Need $35MM for Post Katrina/Rita Condo Development. Already have approved plans for 40,000 units. Federal and State funding approved. $68MM bond already in place to secure loan. $35 MM is for phase 1 of approx 2500 units. 2 seperate projects No other funding for project needed. Only serious individuals please. I can email entire project plans and spec plus developer resume upon receipt of broker protection letter.
Let me know how this turns out. |
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gcaron05
246 Posts |
Posted - 07/11/2008 : 3:48:44 PM
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quote:
Originally posted by kmanc41
Need $35MM for Post Katrina/Rita Condo Development. Already have approved plans for 40,000 units. Federal and State funding approved. $68MM bond already in place to secure loan. $35 MM is for phase 1 of approx 2500 units. 2 seperate projects No other funding for project needed. Only serious individuals please. I can email entire project plans and spec plus developer resume upon receipt of broker protection letter.
I would like to take a look at it. Please contact me. |
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kmanc41
60 Posts |
Posted - 07/16/2008 : 12:28:54 PM
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| Rate was around 8.5 at a cost of 1.5pts. Commerce is quoting her 6.75% 0 points 60 day lock at 80% ltv. Talk about a magic bullet! |
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EMScommercial
5067 Posts |
Posted - 07/16/2008 : 2:51:27 PM
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i can't be certain - only because of you saying 'condos'.... but if this is just north of Biloxi.... and it's two partners with the initials of MA and RW... then i know ALL about that deal... it can not be funded in today's market.... i spend thousands of bucks flying to various lending sources to present this puppy face to face.....
between the crash of the cmbs meltdown in december/january and the fact that one of the partners spent quite a bit of time in prison on fraud charges.... i found brick walls!
that fraud part will always be issues....
i did like how they put me up in the IP when i was in town and comped everything....
if this is a different deal.... as emily litella would say... 'nevermind'
sorry for the sour news.... but i KNOW that block because i've been up, down, up, down, up, down (and repeat about ten thousand times) that block.....
have a nice day.... |
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EMScommercial
5067 Posts |
Posted - 07/16/2008 : 3:14:03 PM
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it was nice to speak to you kevin....
i wish you luck with it....
(btw... according to kevin... i was right.... dang i've been doing this too long! :-) ) |
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