Posted by Mike on April 12, 2006 at 12:50:08:
So, does this mean an investor can locate a property for say $5M, needing another $2M in rehab and not have to come up with any downpayment and not have to pay any interest until the project is complete? Looks like just closing costs as long as the LTV is 80% or less than completed value.
Sounds incredible unless I’m missing something.
100%LTC Construction & Condo Conversion Loans - Posted by Javon Hyland
Posted by Javon Hyland on April 12, 2006 at 11:09:26:
100% LTC FUNDING PROGRAM $5 MILLION TO $40 MILLION:
Total Project Cost: $5–$40 million
Includes: Soft costs, hard costs, interest reserves & fees
Senior Loan @ 100% of Cost: 8.75% interest only (Prime+1–2%)
Max Loan to Value: 80% of completed value
Points: 2
Term: 6-36 months w/extension options
High Leverage Participation Fee: 3% on debt or 10% of projected profits on
sales (to split)
Recourse negotiable based on investor cash involved. Deals at 85-90%
leverage
available at non-recourse, higher leverage may requires guarantees.
Any/all fees & costs associated with this loan that are due on closing
(such as title and doc stamps/closing taxes)
can be added into the loan provided it does not exceed 80% of completed
value.
Any expenses such as 3rd party reports and deposits to seller which are
due before funding, need to be
provided by borrower.
If you have any other questions, please contact me at your convenience:
Javon Hyland
kingdomgroup@bellsouth.net
(770) 312-4276