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Randbo
32 Posts |
 Posted - 08/15/2008 : 1:10:24 PM
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Anyone know who can do this: Loan Summary - CT6732 Kamn - NY - Multi-Family, 10 unit Condo, NonOwner, Construction, Full Doc, excellent, 5,500,000 value, 3,500,000 1st, 2nd, 63.7 ltv, 63.7 cltv
Misc. Details - Construction loan for 3.5mil, with future value of 5.5mil, 10unit condo
Address - New York, NY, 10012
Loan Purpose - Construction, 10 unit condo "spec"
Future Value - 5,500,000
1st Mortgage - 3,500,000 [construction]
LTV / CLTV 63.7 / 63.7
Property Type - Multi-Family
Doc Type - Full Doc
Credit Scores - excellent
Occupancy - NonOwner
Loan Position - 1
Number of Units - 10
FYI - If needed buyers can bring more cash to the table.
Extra Notes: The buyers are 3 excellent credit borrowers, each willing to contribute $200k each, total $600k. They also have about $400k extra in the bank. The buyers are in partnership, [Architect, a developer, a real estate investor], so they have good experience. The property consists of 2 lots near New York city, the houses will be removed, and the new 10unit condo will replace them. The plans are already approved, there is just some plan modifications that are needed before they can proceed. One of the properties they already own, the other adjacent property they are in contract.
Exit: The partnership will begin to market and presell the units for $500k each, during construction. Remember these are "spec homes".
If you think you know who can do this loan, email me the following:
Your contact info
Estimated terms: rate, cost, terms, prepay terms etc.
Thanks in advance.
RAND MILLER, randm (at) thevine.net |
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aaron1976
631 Posts |
Posted - 08/15/2008 : 1:26:12 PM
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I may be able to help to 60% max on construction, so if your borrowers are willing to contribute cash to make the project work, I think we are looking ok. As far as the terms are concerned, I would be unable to get you any kind of definite numbers until a full package has been reviewed. Feel free to contact me anytime.
Aaron Cirlin
818-590-4288
aaronc1976@hotmail.com |
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DougDaft
222 Posts |
Posted - 08/15/2008 : 1:32:32 PM
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| I would like to take a look at this deal. Email me and we can discuss it further. There is a lot involved in a deal like this, would prefer presales, but sounds ok so far. Email me at ddaft@cbigroupllc.com |
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