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johnpollock
19 Posts |
 Posted - 11/19/2009 : 09:28:43 AM
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If you are looking for commercial financing and the loan amount is at minimum $2.5M send me a one to two page summary of the projects. The summary must include:
Reason for Loan
Clear Exit Strategy
Strength of Borrower (Liquid/Non-liquid Assets)
Loan Requirements:
Borrower must have skin in the game or willing to put money down
All land must be entitled
LTC 65% Max
Permit ready if construction
Income producing for completed commercial property
Once summary is reviewed by my team we will need to collect conditions before delivering LOC.
Typical timeline if borrower is cooperative 45-60 days.
Kurt Morris |
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johnpollock
19 Posts |
Posted - 11/19/2009 : 11:20:28 AM
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I manage a couple of private limited partnerships (Real Estate Finance Funds) and can provide financing for these types of projects. We have an influx of capital are not in need of raising money, we need to spend our investors money in commercial real estate investments. Our guidelines are somewhat flexible other than those I mentioned in the posting. Rates we charge the borrowers are from 9%-15% interest only, usually max term of 36 months. We don't charge rediculous due diligence fees. Our typical fees are around $2500, of which $1000 to $1500 is not refundable. I don't usually work with broker chains. I charge a set fee 2% to 5% at closing and the brokers involved can workout their own fees as long as it doesn't effect my underwriting decision, i.e. increase loan amount too much.
Feel free to email me a summary so you can feel out our process. |
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crankyusi
908 Posts |
Posted - 11/19/2009 : 11:41:50 AM
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quote:
Originally posted by johnpollock
I manage a couple of private limited partnerships (Real Estate Finance Funds)
Have any specific names for these "private limited partnerships" (wondering if there are SEC filings available for review.... I've been reading recent 10q & 10k filings by my once-favorite hard-money commercial lender and they are in a deeeeeep hole right now but they still have a cheery website) |
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johnpollock
19 Posts |
Posted - 11/19/2009 : 11:43:56 AM
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| these are private limited partnerships with an exemption from the SEC. Every Private LP is structured this way. The only filing you will find is a Reg. D filing serving as expemption of filing public securities. |
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crankyusi
908 Posts |
Posted - 11/19/2009 : 11:55:28 AM
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| How do we find out about your group's financial strength and ability to fund a commercial loan which needs to be at $2.5mil minimum? (which seems to be a huge number in my opinion if you're using private money) |
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johnpollock
19 Posts |
Posted - 11/19/2009 : 12:19:01 PM
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Again, we are a private firm, we do not disclose financials to the public. Take what you want from this. If you have projects and borrowers that can't get financing feel free to send me a summary of the deal.
This will be the last comment I will make regarding my firms legitimacy. |
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omegafunding
508 Posts |
Posted - 11/19/2009 : 1:52:17 PM
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If you can provide some references we would be happy to send some projects your way.
Let us know if that is available.
quote:
Originally posted by johnpollock
Again, we are a private firm, we do not disclose financials to the public. Take what you want from this. If you have projects and borrowers that can't get financing feel free to send me a summary of the deal.
This will be the last comment I will make regarding my firms legitimacy.
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McSolo
339 Posts |
Posted - 11/19/2009 : 5:54:49 PM
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| How do we reach you please advise with email address |
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acassociate
799 Posts |
Posted - 11/19/2009 : 8:55:06 PM
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Rightttttttt..
quote:
Originally posted by johnpollock
If you are looking for commercial financing and the loan amount is at minimum $2.5M send me a one to two page summary of the projects. The summary must include:
Reason for Loan
Clear Exit Strategy
Strength of Borrower (Liquid/Non-liquid Assets)
Loan Requirements:
Borrower must have skin in the game or willing to put money down
All land must be entitled
LTC 65% Max
Permit ready if construction
Income producing for completed commercial property
Once summary is reviewed by my team we will need to collect conditions before delivering LOC.
Typical timeline if borrower is cooperative 45-60 days.
Kurt Morris
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cara21
64 Posts |
Posted - 11/19/2009 : 9:49:39 PM
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| We can help and if you sign a NCND you will see who they are and feel comfortable with the source. |
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clarenceworley
6788 Posts |
Posted - 11/21/2009 : 02:52:02 AM
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| Where are all the heavy hitters? PS- These types of posts belong in the announcements section, thanks. |
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clarenceworley
6788 Posts |
Posted - 11/21/2009 : 02:52:18 AM
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| Where are all the heavy hitters? PS- These types of posts belong in the announcements section, thanks. |
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johnpollock
19 Posts |
Posted - 11/30/2009 : 09:37:31 AM
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| You can send any projects and NCND to kmorris@mdpcapital.com |
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adelphos
695 Posts |
Posted - 11/30/2009 : 3:02:53 PM
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| It doesn't take that much research to find more information about Kurt and MDP Capital. This is offered without opinion, and strictly for what it is worth. www.mdpcapital.com |
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johnpollock
19 Posts |
Posted - 12/08/2009 : 1:04:53 PM
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I need to clear the air here. Not sure why the need for all the snarky comments. It looks like there was a miscommunication with Kurt's post.
MDP Capital IS the general partner in a private equity fund, but WE generally work with loan amounts of $2.5M or less. As for MDP Capital,we are capital raising this month w/ expectations of $10M in capital available for January, but we don't have it yet, and I don't like to review projects for funding until we have the funds available. We've recently closed deals in Illinois and New Hampshire with the last of our funds from the previous capital raise. I had previously posted on Broker Outpost asking for a $100,000 project and was able to use up the remaining monies with help from the brokers here. That's why Kurt had posted here.
The program that Kurt was posting about IS a real program available from a Hedge Fund that we have an arrangement with as a broker/underwriter. With that said, MDP Capital is responsible for sorting and pre-underwriting the projects. We are looking for projects that need more than $2.5M and fit the basic requirements that Kurt had posted.
There is another program available for developments over $400M as an equity program. There won't be very many projects for this program (mostly Hotels and Stadiums), but it is available to those developers that have shelved their projects for now because of lack of financing.
We're working on projects in Costa Rica, Jamaica, Dallas, Orlando and a few others with the project size's ranging from $7M to $500M. The goal is to have $2B in LOI's out by the end of December 2009.
1fatskier - I don't have a white elephant farm but I can cut you in on a bridge that's being sold in Arizona.:)
shakeytime - For every person that says a commercial construction loan is the worst possible investment in the world, there is another person that thinks they're the best investment ever. It works for some people and doesn't for others, I'm ok with that.
clarenceworley - Thanks for the correction. It does look like this was posted in the wrong section. I will put out a proper announcement in the correct section.
Thanks. JP
John Pollock
Operations, MDP Capital, LLC
jpollock@mdpcapital.com |
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