Posted by Colleen-WA on March 13, 2002 at 21:37:41:
Regarding the areas that Seattle Funding Group services; Take a look at an article (reproduced in their website) that was printed in The Scotsman’s Guide, a Mortgage Broker’s publication, where they said they are funding projects outside their area.
But another idea is to go to www.scotsmanguide.com for other potential funding sources. There is a link to a list of hard money portfolio lenders as well as other types of lenders.
Funding Angel - Posted by Tracy Keller
Posted by Tracy Keller on March 12, 2002 at 14:53:17:
We need an angel to fund the renovations of 16 apts that are vacant in Louisiana. They are great investments but of course the banks will not fund them because they are vacant. We need the funding to renovate the apts to get them filled and rented. What should we do? Who can help us? Please someone help. Thanks.
Re: Funding Angel - Posted by Fran CA
Posted by Fran CA on March 13, 2002 at 24:40:03:
Have you tried Ed Garcia? He might be able to help you. Look for the banner that says “Let Ed Garcia do your loan” and fill out the form. In my book, if anyone can help you get a loan Ed can!
Fran
Re: Funding Angel - Posted by Nate(DC)
Posted by Nate(DC) on March 13, 2002 at 10:47:31:
Interesting idea, but if you read their website it states that they lend only in the west (WA, OR, CO, AK, UT, AZ, and NV) so they would not be any use to Tracy in Louisiana.
I would ask Tracy: if they apartments are really a “great investment”, I would be surprised if a bank would not lend on them simply because they are currently vacant. Banks, first and foremost, need numbers and need to get comfortable with the big picture. If you have approached banks and been turned down, my guess is you haven’t been able to “sell” them on the deal as a whole.
If that is the case, maybe you need to do more research to be able to sell the deal better. How do you know they will be a great investment? Do you have comparable rent data and operating expense data to support it? What will the rehab costs be? How do you know that? What can you purchase the property for? How do you know that? (see a pattern here?) Finally, what is your experience level. Have you ever done a deal of this type before? If not, do you have a partner or someone else on the development team with more experience?
Finally, why are the apartments vacant, and how long have they been vacant?? If you do not know the answer to this, you may not know the real reason you’re having trouble getting financing. Is there an environmental problem? Asbestos? Lead paint? Is the market lousy?
Just some thoughts for you to consider.
Good luck, NT