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DADDY380
397 Posts |
 Posted - 08/08/2008 : 09:15:13 AM
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· Subject property is a Club House in NC near the Blue Ridge Mountains, Bldg is 13,140 sq. ft. with pool and tennis courts
· Title is held in an LLC which the borrower is the President
· Unzoned by Allegahnay County per the current Appraisal dated May 2008 (which seems to be the problem—which is common in the Carolina’s) per the appraisal is unzoned—but is approved to be used as a commercial and residential structure—the county has a weird zoning issue in the area-very lax zoning laws—this does not affect how they are conducting business
· Appraised Value $4,900,000
· Borrower is good, X-Bank, I’ve got a ton of documentation ready to move on this guy—can go full doc on the country club-
· Borrower paid off a hard money loan @20% last month for $1,750,000 with his own money
· Has a $1,500,000 with a Bank that he wants to refi and get as much cash out as possible –would like as much cash out as possible to continue to build homes in the area(at least a total of $3 million+++
Credit and asetts are very strong
· Borrower is developer of homes around the subject property
· The “home owner’s association” does NOT have any ownership in this Club House—but borrower receives mostly all revenue from the association fee of local residents using the club house
· Borrower has 4 business which he conducts business out of this Club House as well i.e. transportation company, the home owner’s association, real estate company and the development company of single family homes
Borrower can provide strong financials and has very good credit—would like not to have a hard money loan—something half decent—but will work eith us
Have full package if you can get this done—please give me an idea of rates and terms/points---I ned to follow up with him tomorrow
daniel |
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H.B.hardmoney
29 Posts |
Posted - 08/08/2008 : 09:48:47 AM
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I can get this done for you. 5-6 points 12-13 for the rate. shoot me an e-mail
Scott
sliedel@pacific1lending.com |
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DADDY380
397 Posts |
Posted - 08/08/2008 : 10:25:58 AM
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| ok--will email you--thanks |
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ddmortgage
297 Posts |
Posted - 08/08/2008 : 11:09:49 AM
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| I have an investor that would be interested in that deal. |
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joe313
650 Posts |
Posted - 08/08/2008 : 11:52:43 AM
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Daniel,
I'd be interested to find out a few more details to determine if this is something we'd be interested in lending on. Give me a call or e-mail me and we can talk.
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gcaron05
247 Posts |
Posted - 08/08/2008 : 4:00:07 PM
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We would like to look at the as a complete construction package as apposed to a refi.
Contact me to discuss |
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dkendall1979
10297 Posts |
Posted - 08/08/2008 : 4:29:16 PM
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Hey Dan,
If the client is truly strong financially (lots of liquidity) and the property appraises out right, we could offer something prime based (possibly prime + 1) with no PPP.
Email me at dkendall@trustone.com
I won't make promises since I really don't know what we're talking about here. "Client is strong financially" can me a wide array of things. |
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ML
3019 Posts |
Posted - 08/08/2008 : 4:37:04 PM
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quote:
Originally posted by dkendall1979
Hey Dan,
If the client is truly strong financially (lots of liquidity) and the property appraises out right, we could offer something prime based (possibly prime + 1) with no PPP.
Email me at dkendall@trustone.com
I won't make promises since I really don't know what we're talking about here. "Client is strong financially" can me a wide array of things.
How dare you question? There is a Trucking Company, Construction Company, Real Estate Company and Golf Course Clubhouse ALL under one roof! You don't see that everyday! |
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dkendall1979
10297 Posts |
Posted - 08/08/2008 : 4:39:25 PM
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LMAO... No, that I don't see everyday. You're absolutely right about that.
Like I said above, It would help if I knew what was going on, or even what the place looked like, before I started spitting out "I CAN DO THIS". Never ceases to amaze me, the steadfast fury of hard money lenders.
quote:
Originally posted by ML
quote:
Originally posted by dkendall1979
Hey Dan,
If the client is truly strong financially (lots of liquidity) and the property appraises out right, we could offer something prime based (possibly prime + 1) with no PPP.
Email me at dkendall@trustone.com
I won't make promises since I really don't know what we're talking about here. "Client is strong financially" can me a wide array of things.
How dare you question? There is a Trucking Company, Construction Company, Real Estate Company and Golf Course Clubhouse ALL under one roof! You don't see that everyday!
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DADDY380
397 Posts |
Posted - 08/08/2008 : 9:13:16 PM
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dkendell-very interested in what you have to offer--please let me know what you need--as my client is opposed to double digit rates--and need to explre some other options---
daniel |
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dkendall1979
10297 Posts |
Posted - 08/08/2008 : 9:24:05 PM
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A personal financial statement, 1003 and some pics of the property. Credit report would help too.
Just need to know what it is we're talking about. We've got money for anything that makes sense.
And my last post above... The last word should be "broker" not "lender". Hard money lenders are very picky about what they lend upon. |
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DADDY380
397 Posts |
Posted - 08/08/2008 : 9:26:05 PM
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| ok--email me your contact and full name/number info to daddy380@aol.com and i will work on it--thanks |
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