Commercial Construction

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tiaan

94 Posts

Posted - 07/22/2008 : 07:37:05 AM

Are there any commercial construction lenders that will not ask for UPFRONT UNDERWRITING fees or GOOD FAITH DEPOSITS?
Senarios:
1. Hotel in SC with LTC 75% and amount $33mm.
2. Apartment building in IL with LTC 75% and amount $11mm.
In both cases land owned already.
Both previously paid upfront fees with brokers/lenders and application went no where. (not turned down)
Thank you.

dkendall1979

10123 Posts

Posted - 07/22/2008 : 07:43:14 AM

Any lender worth working with is going to require you pay them for their time. Commercial doesn't work the way residential does and some slimy MF'ers have taken full advantage of that.

It's really up to you to research whom you're sending your clients to. Sell your abilities or tell the clients that you aren't equipped to handle the job and they'd fair better working with someone who is.

brad.easter

695 Posts

Posted - 07/22/2008 : 07:51:29 AM

Anthon,

I am very interested in the Hotel construction. We offer conditional loan approval without any "upfront" fees to your client. I understand the frustration of investing a bunch of time and money and then the deal goes south.

Call me. I can find a solution for you.

jskolnick

232 Posts

Posted - 07/22/2008 : 08:28:15 AM

Anthon

The lenders we work with will require due diligence fees, however, these fees would be required only if the lender decides to fund your loan. There is no lender that will go out of pocket on a loan. That will include the usual reports and their time.

Please feel free to contact me at any time to discuss your loan scenarios.

We are commercial mortgage brokers.

We can arrange any type of asset based lending. From lines of credit to accounts receivable, purchase order, equipment financing to real estate. We maintain relationships with a variety of different banks. This gives us the ability to offer the best terms for loans from $500,000.00 and up. Loans can be submitted through our web site, www.greenmountainfs.com, via e-mail to greenmountainfs@gmail.com or call us at 516-596-1456.

Jerry Skolnick
Green Mountain Financial Services, Ltd.

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