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SLICKRICK1701
32 Posts |
 Posted - 07/01/2009 : 1:35:01 PM
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Here is the scenario.
borrower owns a 7 Unit property that has a currecnt value as is of 727,000.00 the current loan on the property is $66,000.00 The property is going to be used as housing for Iraq War Veterans and is going to be paid for by the state of Florida in the amount of 1,500.00 per veteran, that comes to 85,000.00 per month Gross income. Now there is a waiting list of 250 veterans right now that want to go into the property but it is not completed yet they need at least 350,000 in hand to complete the project. Once the project is completed it will be worth roughly 1,200,000.00 So we are looking for a 12-24 month loan to get the project completed.
So I need help finding an equity lender that will not rake my client over the coals then poor salt all over them. The quotes I have been getting are outragious, here is one example 5-6pts on the front with a 13-18% interest rate. Now ok I know that these loan are expencive and I have been doing this for quite some time but come on. I will be willing to do 10-15% with 1-4pts on the front so I can at least make 3 without it being a bloodbath.
So if anyone can help me find a lender that can do this project it would be greatly apreciated. |
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Quicksilver
5940 Posts |
Posted - 07/01/2009 : 2:03:05 PM
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7 units, 85K a month, so about 56 veterens will be living there, 8 per unit? Is this like a medical housing facility? Construction cost are not cheap right now, very little construction getting done, equity right now is expensive.
edit- maybe I misunderstood, is this a tear down and buildout? |
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Lexington
57 Posts |
Posted - 07/01/2009 : 3:00:50 PM
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SlickRick-
Our private investors maybe interested in this deal. We would like to know exactly how much construction as been done, and how much construction is left to be done. Another big deal maker, or breaker, is if this is a conversion or ground up construction (after demo). There is more creativity here if it is a conversion. Secondly we would definitely look at comparable in the region, as well as an appraisal (if you have any on hand).
I can see how many HMLs see this deal as higher risk, because it is in FL, and it is a veteran's type home that is government subsidized. Though if there is some documentation- contract or commitment from the state saying they will cover the costs, as well as some documentation that shows there is a waiting list, there maybe a deal to be made here.
Please send us more information about this deal; location (rurual or non-rural), equity in the property, etc. In addition, I highly suggest for you to view our website in order to learn more about the deals our private money investors are actively seeking.
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Jdesey
311 Posts |
Posted - 07/01/2009 : 8:07:50 PM
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maybe my math is wrong...but 7 units at $1500 per person per month....is $85,000 per month?
that is about 55 people for 7 units??/ what kind of conversion are they doing?, maybe you meant $85,000 per year??
anyway, it sounds like something we can fund,,,if the value is really there, curently....not on future value....
no, we will not rake the borrower...I just did a deal in Florida that was "reasonable" on fees and everyone made money
John
Jdesey@gmail.com
805-338-8711 |
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Joshua Holiday
85 Posts |
Posted - 07/02/2009 : 09:23:39 AM
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Please contact me about this deal
Mr. Joshua Holiday
American Bridge Capital Fund, LP.
jholiday@americianbridgecapital.com
Office # 856 854 6808
Cell # 215 908 8821
216 Haddon Ave Suite 109
Westmont Nj 08108 |
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SLICKRICK1701
32 Posts |
Posted - 07/02/2009 : 09:34:49 AM
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| POP |
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Jdesey
311 Posts |
Posted - 07/02/2009 : 10:11:59 AM
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quote:
Originally posted by SLICKRICK1701
POP
rick I tried to call you back..but do not have your extension....
what is the extension...i have the main number |
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champakstmtn
19 Posts |
Posted - 07/04/2009 : 9:33:36 PM
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Hello
Its not all that bad...
If he owns the building ..with low balance ..
and if he can document Letter of Interest --
from would be tenants --with some deposit..
loan will be easy..No Hard Money or expensive..
Regular Const / rehab to Permanent --may be 8%
to 10% ineterest... with 10 year fixed / 20 year
amortization..how old is the building etc..
also need to get atleast three estimates for renovation.
Are any units rented now ?
Contact me with more info via email
I am a Commercial Mortgage Broker in Atlanta, georgia
Champak C Shah
RIPA Financial Services, Inc
P. O. Box 870168
Stone Mountain, Georgia 30087
champakstmtn@bellsouth.net
404 488 6137 |
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