Posted by David (TN) on June 15, 1999 at 16:37:51:
Try calling Paul Falzone at Met Mortgage, they are direct lenders who deal with large deals like this. His number is 201-866-4800.
Let me know if he is able to help you.
David Miller
Anyone know of a good lender for a large project? - Posted by Sue(NC)
Posted by Sue(NC) on June 15, 1999 at 08:59:36:
Looking for financing on an 11 floor office building. It’s the first time I’ve done something this large, so I’m not sure what to expect…
Purchase price 1,245,000
We also want to build 400,000 into the loan for a sprinkler system, which will be required by the city in 3-4 years.
NOI last year 204K
Rents are 8.50-11.50/sqft currently, but should be closer to 12.00 for floors 2-11. Building has approx 73,000 sqft, with about 55,000 rentable. Most tenants are month-to-month, but have been there several years. The longest term lease is for the ground floor CVS Pharmacy, which just renewed for 5 years (at about $6000). Several tenants have wanted to expand & rent more space, but have not been able to do so due to mismanagement by the feuding owners. We are purchasing through a court-ordered sale (partition).
We were originally looking for non-recourse funding, but smaller downpayment & longer amortization are more important to us than that point (we want to put some money into improving the building to get higher rents, and would also like some good cash flow).
We would be buying with an LLC; all participants have A+ credit.
Anyone have any contacts for this sort of project, or know what to expect?
Re: Anyone know of a good lender for a large project? - Posted by Ralph C in VA
Posted by Ralph C in VA on June 15, 1999 at 21:14:10:
Dear Sue:
If you dont have any luck with the direct lender,
I am a commercial and residentil loan originator.
I have access to hundreds of lenders, several of
whom are looking for your type of loans to fill
their portfolios. I would be more than happy to
assist you. My number is 1-888-345-1412, in
Roanoke, VA
As for what to expext: Have everyone’s tax returns
ready, a business and marketing plan may be
helpful, most importanty though you will probably
need all the financials on the building for the
past 2-5 years, as well as a copy of all the
leases.
Keep in mind though, different lenders require
different things, so you may not need all of those
items, or you may need more.
Good luck!
Ralph C in VA