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tommydon
343 Posts |
 Posted - 11/02/2009 : 11:35:01 AM
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Hi All
Have the following:
4500 sf home in BHPO is 95% complete
2.3 million construction loan
need to finish kitchen cabinets and fixtures
Borrower looking for a 300k 2nd to do landscaping
Value around 4 mil (depending on who you talk to - another home on street just sold for 3.5 mil and was 3500 sf)
Borrower can go full doc and has about 500k into deal of his own money
Thanks in advance
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aaron1976
885 Posts |
Posted - 11/02/2009 : 11:38:28 AM
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| We may entertain this under our trophy home program but at 50% LTV. Full doc only and we would have to be in 1st position. Feel free to call and discuss. |
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calendinggroup
185 Posts |
Posted - 11/02/2009 : 11:50:44 AM
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You Will not find a lender to go 2nd on a construction loan.
In today's market, for future value, will be at $800 per Sq. Ft. = $3,600,000 for the BH P.O. area. At 72% LTV. I do not think so. More like 50% when you getting into the high numbers. |
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PBFinancial01
186 Posts |
Posted - 11/03/2009 : 3:36:47 PM
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I will do this loan, term of the loan willbe 11 months, 13% with a cost of 4.5-5.00%.
I live in BH and I like the higher end homes, will make the exception on this deal if the numbers are real.
Thank ou,
Pouyan Broukhim
PB Financial Group Corp
310-289-0900 x 102 Office
866-318-4471 Direct Fax
pbroukhim@pbfinancialgrp.com
www.pbfinancialgrp.com
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aaron1976
885 Posts |
Posted - 11/03/2009 : 3:40:17 PM
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| We would be at 9.99-11.99% 12 month term and 3-4 points. |
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