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 carlosmorales8
Joined: 06 Dec 2007
Posts: 1
1.33 Dollars($)
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 Posted: Thu Dec 06, 2007 11:37 pm Post subject: Looking for financing for large multi-million dollar project |
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| In need of funding sources for large commercial projects from 10 million to 2 billion. Have several projects with full pro-forma's and Business plans. Some of the projects the owners own the land and a few of them don't. Projects include Hotel's , residential with short-term leases, and multi-family as well. Please, no spamming. |
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jenkin7
Joined: 04 Jun 2007
Posts: 928
139.07 Dollars($)
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| Posted: Fri Dec 07, 2007 2:19 am Post subject: |
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Hello Carlosmorales,
There are many lenders in this community who visit the forums regularly. If you haven’t requested for the mortgage quotes, you may do that. You may also pm/mail your details to Sam (site admin) and notify him directly. |
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chrisburns
Joined: 13 Nov 2007
Posts: 106
Location: Florida
27.90 Dollars($)
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| Posted: Fri Dec 07, 2007 8:13 am Post subject: |
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Financing for these types of projects if very popular in the broker community right now.
The two main factors affecting your pricing are LTV and Debt Service Coverage Ratio. As I'm sure you know the financing isn't as heavily based on an individual, it's more about the strengh of the project.
Construction financing can be construction to perm and Loan amounts and LTV based on the after completed value of the project instead of as is value. This would include those acquisition and development projects you mentioned for deals where you don't currently own the land.
IF your trying to finance existing multi family projects that don't have income to support the loan you may need to look at a short term bridge loan to get you the money you need now and then once you get the property back into a good debt service position you can acquire more permanent financing.
Make sure you deal with a commercial broker that knows what tehy are doing. Don't pay upfront fee's to anyone. The only fee you should be asked to pay is for an appraisal.
Commercial Financing is an exciting branch of the financial industry!
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Chris Burns
Five Stars Mortgage, LLC
Office: 800-871-2636 ext. 200
Cell: 407-456-3697
Residential & Commercial Loans
Mortgage Forums |
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evolovik26
Community Experts
Joined: 15 Aug 2007
Posts: 482
Location: Minneapolis
19.70 Dollars($)
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| Posted: Fri Dec 07, 2007 4:40 pm Post subject: |
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What you stated is a bit vague to say the least
Commercial projects take time and alot of information needs to be processed to qualify your clients. There are alot of factors.
If you want to have a serious discussion about this give me a call.
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Eugene Volovik
Branch Manager
Team USA Mortgage
612-481-3127
Conventional, FHA and Commercial Lending |
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