Hard Money Development Loan $125M

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Brock

47 Posts

Posted - 08/15/2008 : 02:47:57 AM

This post is for serious Lenders Only no up-front fees other than reasonable site visit and title.

135 Acre development SE USA not Florida
Marina 450 slips, 2200 residential, 70,000 sq ft retail
Fully Entitled
231 pre-sales closed
additional $6.5M hard deposits

$62.5M cash invested in Project

MAI Appraisal $381M+

Loan request: $125M 3yr term

Have full package

Lenders only Please if you are a Broker will require due-diligence on yourself and proposed Investor.

Email me contact info and we can arrange a call.

DougDaft

222 Posts

Posted - 08/15/2008 : 07:13:22 AM

We do residential developments. Right now most of what we are doing is in North Carolina but this sounds interesting. I will tell you that it is unrealistice to not pay due dilligence fees upfront on deals like this and anyone who says they don't require it aren't real people who can fund it. Let me know if I can help. ddaft@cbigroupllc.com

mgraham224

1008 Posts

Posted - 08/15/2008 : 07:22:35 AM

What's the hang up? Any deal over a couple mil that makes it to this site has usually encountered serious resistance previously, an assertion validated by the existence of a full package.

Why is it a "no go" with the usual suspects?

JSKF

223 Posts

Posted - 08/15/2008 : 08:11:44 AM

Commercial Real Estate Lender

Kennedy Funding was founded in 1988 with the mission of providing two things sadly lacking in the traditional lender arena: speed and creativity. Conservative lending institutions such as banks and credit unions routinely took weeks or even months to close a loan, or denied funding outright due to restrictive regulation practices. Since we began, we have been issuing commitments in 24 hours and funding loans from $1 million to $100 million and more in as fast as five days or less. And as of 1996, we are a global lender, with a presence in North and South America, the Caribbean, Europe, and the South Pacific. Kennedy Funding specializes in short-term real estate-secured loans for a broad selection of situations, including bridge loans, land acquisition, raw land loans, development and construction, bankruptcies, foreclosures, and workouts.

Please contact Jeffsilver@kennedyfunding.com
P: 1-201-342-8500

ddmortgage

297 Posts

Posted - 08/15/2008 : 08:32:34 AM

I have direct contact with 5 funds that would be interested in this project. Email if you are interested.

gcaron05

247 Posts

Posted - 08/15/2008 : 09:19:45 AM

We would be interested in this project. Contact me.

mcmoney

313 Posts

Posted - 08/15/2008 : 09:22:06 AM

quote:
Originally posted by mgraham224

What's the hang up? Any deal over a couple mil that makes it to this site has usually encountered serious resistance previously, an assertion validated by the existence of a full package.

Why is it a "no go" with the usual suspects?

That pretty much hits the nail on the head.

Brock

47 Posts

Posted - 08/15/2008 : 09:26:33 AM

quote:
Originally posted by mcmoney

quote:
Originally posted by mgraham224

What's the hang up? Any deal over a couple mil that makes it to this site has usually encountered serious resistance previously, an assertion validated by the existence of a full package.

Why is it a "no go" with the usual suspects?

That pretty much hits the nail on the head.

Brock

47 Posts

Posted - 08/15/2008 : 09:28:42 AM

Every development construction loan above %55ltc seems to have issues in this market, yes I thought by posting here I would get maximum exposure in case there is someone out there I have not of to send it to. I just started shopping this today

bkimball@firstin

127 Posts

Posted - 08/15/2008 : 11:02:49 AM

Try this guy, his name is Jamie Whitehouse. I have run a ton of commercial deals through him and ue he is awesome. If it can be done he will get it done. He is a direct AE for Fouquet Financial Servises here is his contact info and I am actually sitting right next to him now working on a development in Utah at 33 million.
Jamie Whitehouse
207-712-7080
jbhouse10@hotmail.com

ddmortgage

297 Posts

Posted - 08/15/2008 : 11:17:55 AM

[quote]Originally posted by bkimball@firstinmaine.com

Try this guy, his name is Jamie Whitehouse. I have run a ton of commercial deals through him and ue he is awesome. If it can be done he will get it done. He is a direct AE for Fouquet Financial Servises here is his contact info and I am actually sitting right next to him now working on a development in Utah at 33 million.
Jamie Whitehouse
207-712-7080
jbhouse10@hotmail.com
That Utah dela is a dead fish! Borrower refuses to pay more than 12% and 6 pts. Good Luck.

mcmoney

313 Posts

Posted - 08/15/2008 : 11:18:54 AM

quote:
Originally posted by Brock

Every development construction loan above %55ltc seems to have issues in this market, yes I thought by posting here I would get maximum exposure in case there is someone out there I have not of to send it to. I just started shopping this today

Everything is hard at the moment. Can't fault 'ya for pulling out all the stops!

bkimball@firstin

127 Posts

Posted - 08/15/2008 : 11:22:21 AM

Who is this. The Utah deal has not even been fully submitted yet. Get your facts right before you go on broker outpost.

ddmortgage

297 Posts

Posted - 08/15/2008 : 11:37:38 AM

quote:
Originally posted by bkimball@firstinmaine.com

Who is this. The Utah deal has not even been fully submitted yet. Get your facts right before you go on broker outpost.

Facts are straight, you will see, I bet there is is golf course being built on it attached to a big time golfer.

KHufford

6002 Posts

Posted - 08/15/2008 : 1:46:40 PM

I got his deal yesterday...looks like I have to kill it now.

Shopped deal on BO = DEAD.

Brock

47 Posts

Posted - 08/15/2008 : 1:59:48 PM

quote:
Originally posted by KHufford

I got his deal yesterday...looks like I have to kill it now.

Shopped deal on BO = DEAD.

Brock

47 Posts

Posted - 08/15/2008 : 2:02:00 PM

quote:
Originally posted by Brock

quote:
Originally posted by KHufford

I got his deal yesterday...looks like I have to kill it now.

Shopped deal on BO = DEAD.

Brock

47 Posts

Posted - 08/15/2008 : 2:04:42 PM

Then that means you are just here for the fun of it...

KHufford

6002 Posts

Posted - 08/15/2008 : 2:06:05 PM

quote:
Originally posted by Brock

Then that means you are just here for the fun of it...

Ok? You obviously dont understand the dynamics of a shopped commercial project.

peteme

47 Posts

Posted - 08/24/2008 : 08:30:42 AM

can help with this...hard money loan, also conventional, nothing upfront.interest only, 2 weeks to closing, no prepayment penalty

peter_tucker@comcast.net
517-281-5089

NSX_Ducati

9 Posts

Posted - 08/24/2008 : 12:40:19 PM

We can manage this deal for you, I would need to go over more specifics pertaining to the project. We are a private money source and have rates lower then of your standard leding institutions. We can get creative with the file if need be as well.. example-cross collaterialzation, etc,etc.. most companies lend between $1 million to $30 million.. you may find others upto $80 million or $200 million.. We have no max.. this gives you an idea of how aggressive we can get.

Call me direct: 760-230-0382 Chad L. Simmons

We are in Carlsbad, CA (SD county) down by the beach..

MJCapital

14 Posts

Posted - 08/24/2008 : 2:58:41 PM

It all looks solid so far. Let's talk on Monday.

Mark Snidero
MJ Capital Group
443-345-1657
marksnidero at gmail dot com

hardmoneyprofess

6 Posts

Posted - 08/24/2008 : 3:28:32 PM

how deep is the broker chain?? You're obviously not direct, anyone who shops deals on the internet has enough common sense to realize investors don't waste their time with files that are being shopped across the globe. You probably just killed it with your lack of understanding.

monarchdad

1811 Posts

Posted - 08/24/2008 : 3:40:22 PM

I'm curious if any of the 50MM plus deals posted on this forum have ever funded. My bet would be no.