Q. I have a borrower(s) looking for debt/equity for a 350MM mini-city in Prarie View, Tx. I have never been presented with this type loan and don't know where I would go with it. I presume it's either an insurance co. or equity lender. Do you have any suggestions? I also have a construction loan for 20.8MM for an existing inn in Ct. looking to add on a hotel, swimming pool, ball rooms, etc. Inn worth as is 12MM and completed approx. 33.8MM.
Q. What is the max LTV and CLTV available for apartment buildings, and the same for office and retail? Would all be investor and small loans under 1MM. I have an investor looking to put down as little as possible, big surprise. Also, can a purchase be done owner occ if the business to occupy is brand new, and can owner occ still be done with 25% of the space? Thanks.
Who do you use for hard money that really close the deals and don't ask for too much in upfront fees? There are so many out there, it is hard to know who is safe to send a good client to. Who would you recommend as your favorites and what are the contact names? By the way, are you familiar with Remington Financial out of Scottsdale AZ? Seem very aggressive and responsive but have never used them. Thanks.
Q. Hey guys,
Just double checking before I go out to my banker referral sources with it. Are you still doing the 100% no doc product under the same parameters as the existing flyers you have been using throughout? O/O 25% occ, 680, 1MM max? Thanks.
Q. Greetings. Orlando from Montana here. I am entertaining a loan which has two wrinkles to it. 1. Need a lender that will do a loan for an LLC and 2. Section 8 rentals. The property is located in Newark, NJ. It's a 6 unit with an estimated value of $650k. They bought the building, gutted it and have $314k of a construction loan + $140k out of pocket exepense they want to roll into one loan. Targeting a 75% LTV or $487.5k with all closing costs rolled in. Each unit will rent for $1,350. Using 90% of the total and 8% at 25 years - DSCR = 1.54. Who would recommend? Thanks.
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