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noesis
12 Posts |
 Posted - 07/28/2008 : 5:41:37 PM
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I'm a broker I need a bank that can handle a development / construction loan in Los Angeles, CA
Loan Amount is $14million
Its a self storage now that will be converted into a mixed use Self Storage / Retail
The loan needs to be a 3 yr I/O construction loan
We have the executive summary and all the numbers ready to go.
its ready to go now we have all the required information we just need a bank that can fund this deal.
Contact me asap 310-872-8495 Marquise Myles
Contact me if you or some bank you know can fund this deal and I need a bank asap |
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aaron1976
606 Posts |
Posted - 07/28/2008 : 6:23:08 PM
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There is a lack of information on this post, but I may be able to help. Contact me to discuss options.
Aaron Cirlin
aaronc1976@hotmail.com |
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noesis
12 Posts |
Posted - 07/28/2008 : 7:05:51 PM
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Are you a broker or a Lender? Do you know of any banks that handle construction loans of that sizequote:
Originally posted by aaron1976
There is a lack of information on this post, but I may be able to help. Contact me to discuss options.
Aaron Cirlin
aaronc1976@hotmail.com
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dkendall1979
8822 Posts |
Posted - 07/28/2008 : 7:17:36 PM
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I know this might not come across correctly, but if it's your client, then who cares if the replying party is a broker or lender? You have a fee agreement in place, right?
Regardless, click on the link below for "Super Jumbo Private Money" if the principle/principles have at least $3M of their own bucks into the project. |
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sfedgar7
73 Posts |
Posted - 07/28/2008 : 7:51:05 PM
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quote:
Originally posted by noesis
I'm a broker I need a bank that can handle a development / construction loan in Los Angeles, CA
Loan Amount is $14million
Its a self storage now that will be converted into a mixed use Self Storage / Retail
The loan needs to be a 3 yr I/O construction loan
We have the executive summary and all the numbers ready to go.
its ready to go now we have all the required information we just need a bank that can fund this deal.
Contact me asap 310-872-8495 Marquise Myles
Contact me if you or some bank you know can fund this deal and I need a bank asap
We may be able to help! We will not shop your loan!!!! Contact me!
-Requests Ranging from 1 Million to 1 Billion
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aaron1976
606 Posts |
Posted - 07/28/2008 : 8:02:56 PM
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Thank you David. Out of curiosity, is your super jumbo private loans through Metrocities. The guidelines seem very similar. At any rate, can you send me something on that portfolio product. I am getting a lot of these types of requests.
Aaron Cirlin
aaronc1976@hotmail.com |
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dkendall1979
8822 Posts |
Posted - 07/28/2008 : 8:11:30 PM
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From what I can tell, we both go to the same fund, but I don't know that PMBG is doing anything on commercial. I was curious about this as well and haven't gotten to the bottum of it.
The links below pretty much entail what is offered. I'm paid by the investor, you're the only broker involved.
quote:
Originally posted by aaron1976
Thank you David. Out of curiosity, is your super jumbo private loans through Metrocities. The guidelines seem very similar. At any rate, can you send me something on that portfolio product. I am getting a lot of these types of requests.
Aaron Cirlin
aaronc1976@hotmail.com
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dang007
90 Posts |
Posted - 08/03/2008 : 7:13:01 PM
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This is a great “alternative” synthetic financing options that enabled our clients to actually
get funded during the banking crisis in the financial sector. Conventional financing is pretty dead
right now and many of our clients are very happy with these two. The SBLC Cash Backed Leverage
program can be used for both business and real estate financing. The minimum funding amounts
amount is USD $ 10 million dollars.
SBLC Cash Backed Leverage Program:
A stand by letter of credit (SBLC, SBLoC or SLOC) is: A guarantee of payment issued by a qualified bank, on behalf of a client, that is used
as "payment of last resort" should a client fail to fulfill a contractual commitment with a third party. Standby letters of credit are created
as a sign of good faith in business transactions, and are proof of a buyer/borrower's credit quality and repayment abilities.
An SBLC can be used for increasing the balance sheets of a company's books or can be leveraged into a loan. We do not issue the SBLC,
however we will arrange the transaction through a registered agent which we are approved and partnered with, and manages the transaction
for approval from the hedge fund.
The leveraged SBLC program is issued to the requesting entity, once the entity meets the requirements below. The fund then enters the SBLC
into trade to raise the funds needed for your project. There is no term interest due, no collateralization of your property or project and no
traditional bank underwriting that weighs risk over all else. There are several key guidelines that must be met, which we will verify before
releasing your request to the fund manager, of these you are required to have 4% liquidity as part of your investment to the leveraged SBLC.
This 4% is your only out of pocket cost in connection with this transaction and will only be required if the fund deems your project acceptable.
To qualify:
• Credit Score of 550 Minimum. Bankrupticies must be discharged.
• Principal/Company must have 4% of the loan amount requested. This 4% is a cost requirement of the loan and will be escrowed by
the escrow agency. 4% is a MUST, if you do not have 4% of the project you do not qualify.
• If you own property that can yield a cumulative total of the 4% we will provide for the recapitalization of the property in the form
of a new loan, either on each individual property or a blanket/bridge loan. This option will require a different set of guidelines to be met.
• The letter of credit will be traded under a contract trading platform.
• The term of the leveraged SBLC will be a maximum of 24 months.
• All Loan fees associated with the transaction will be deducted from the gross amount of the loan. We will make necessary adjustments
to meet the borrower's loan amount requirement for 100% funding.
• Additional costs from proceeds will be all management, processing, underwriting, origination points, prepaid interests, interest reserve
requirements, third party services fees. Costs will be calculated based on the loan amount requested (example: $20MM base amount
could translate into a $26MM gross adjusted loan amount)
• The project must make sense, placing a space center in the middle of the ocean under a dome may not qualify.
• The team must be experienced in size and scope, do not bring a home builder to PM a 40 story high rise.
• Initial submissions will require the following documentation: Personal Financial Statement, Proof of Funds, Executive Summary, Pro-Forma,
Last Appraisal (if available), Principal Bios, Team Bios and a Credit Report for each principal who will guarantee the project.
• Additional documentation will be required once it is determined if the project meets the overall SBLC guidelines.
• A signed credit authorization, NDNC, disclosures, broker agreement and refundable at close application fee will be required.
• Additional qualifying criteria will apply once it is determined that the project meets the minimum SBLC guidelines.
• Minimum Loan Amount Request is $10,000,000
• Closing and first draw of funds can take place in 30 days.
• Proceeds are paid out over a 10 month period in predetermined weekly or monthly draws.
• Payoff balance can be discounted up to 50% of the gross adjusted loan amount based on the trade of the SBLC, this will be determined
once a final commitment is issued.
• Product is utilized for Development, Lease Option Purchases, Construction, Repositioning, Refinance, Recapitaliztion, can be used for
Acquisition provided there is a 10 month window to close or seller agrees to take a ten month payment schedule.
• A Collateralized SBLC program is available to obtain the total amount of cash required, at a close. This SBLC requires 20% of the request
to be escrowed.
• We also have a 10/100 prpgram, where you must have 10% of your funds placed in escrow for 100% funding..
Please also feel free to go to our website at: www.precisionfinanceandrealtypartners.com
for information on our company and our methodology of how we work which is refreshing
compared to most mortgage brokers out there. :o)
Best regards,
Dan Garfinkel
Commercial Markets Funding Specialist
Precison Finance and Realty Partners
Tel: (845) 784-6487
Fax: (845) 503-2438
E-Mail: DGarfinkel@precisionfinancenandrealtypartners.com
Website: www.precisionfinanceandrealtypartners.com
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