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RIMBY
164 Posts |
 Posted - 07/30/2008 : 2:44:07 PM
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Need a true hard money equity lender, here's the scenario:
N/O/O Co-op, NYC (Manhattan)
$700,000 appraised value this month
Looking for 65% LTV ($455,000) - I assume that's max, although higher would be cool
Cash out for renovations - about $100,000
Borrower is a lawyer with stable job history
Ideally 12 month term with deferred interest rolled in
Exit Strategy is to sell at or below new market value (highly desireable area)
Have comps to support $800K+ value after renaovations made
Borrower could also raise capital in 12 months to buy out loan if needed
Speed is of utmost priority
Not looking to co-broke. Looking to deal directly with the lender. You can email me at jroumelis@sempfi.com, or respond here.
THANKS!
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Alisa1
226 Posts |
Posted - 07/30/2008 : 6:23:10 PM
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| We're a direct lender located in NYC. Sounds like something we would be very interested in. We can close within a week or two from receipt of appraisal. Please contact me to discuss further. |
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dang007
90 Posts |
Posted - 08/03/2008 : 6:45:40 PM
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Hard Money/Bridge Loans - New York, New Jersey & Parts of Connecticut Only !
Offering one of the best rates on market !
• Interest Rates: 11% - 13%
• Amortization: Interest only – Roll in may be required.
• Loan to value: Up to 75% on income producing properties
• Origination Fee: 2 - 5% taken at closing from the loan proceeds (1-3% Lender Costs)
• Loan Terms: 1 year
• DSCR: 1.3x
• Closing times: 7-10 days
• Loan Size: $1,000,000 to $20,000,000 +
Collateral types that are:
• Office buildings (up to 75% LTV)
• Apartment Buildings (up to 75% LTV)
• Mixed-use (up to 75% LTV)
• Shopping centers (up to 75% LTV)
• Warehouses (up to 75% LTV)
• Owner-occupied facilities (up to 60% LTV)
• Marinas (up to 65% LTV)
• Auto repair/mechanic shops (up to 65% LTV)
• Gas Stations (up to 65% LTV)
• Multi Family (up to 75% LTV)
• Large homes starting from 4 million and upwards (up to 60% LTV)
Collateral types that are not of interest are:
• Land
• “White elephants” (very large vacant facilities)
• Theme/water Parks
• Golf courses
• Non-stabilized/ Unflagged motels/hotels
• Hospitals
• Daycare Centers
• Ground-up Construction
• Heavy industrial facilities
• Assisted Living
Please go to our website for more information about our company, our services and vast experience
in all aspects of real estate including, buying and selling property, lending, underwriting, etc…
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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