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clawhorne
2 Posts |
 Posted - 07/03/2009 : 1:50:58 PM
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Here are the specifics:
State: North Carolina
Transaction Type: Refinance
Project / Property Type: Land - Mixed Use / Marina Development
Value: 17M+
Debt on project/property: 12M (with the local bank)
Loan Request: 13.5M
LTV: 80%
Borrower profession: 15+ years as Commercial, Mixed Use, and Residential Developer
Borrower Liquidity: 2M+
Bankruptcy or Foreclosure: No
Tax Liens: No
Borrower estimated credit score: 720+
Use of funds: take down current bank note and 18 months of % carry
Exit Strategy: Continue developing (Vertical) Marina House Building with personal cash and sell boat slips and lots.
Term needed: 12 - 18 months
Other Comments: Developer is well known in our area and is involved in the community.
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gthomas
74 Posts |
Posted - 07/04/2009 : 9:51:05 PM
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| You're requesting 80% on land that the original lender won't refinance. That's not possible in this environment. Most lenders will only ascertain land at 30% to 50% LTV in this environment. The only was to get this done is if the borrower has other property to cross collateralize the deal with and it must have enough equity to cover the lenders position. |
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