Posted by Jim Rayner on May 22, 2003 at 22:50:50:
Paul,
When searching out the small local lenders with strong committments to the local community I start at the Independent Community Bankers Association members search here the link:
http://www.icba.org/member_banks/member_banks_fr.html
There are 474 member banks in florida
Some have commercial lending others may not. I have yet to investigate an out state deal where I couldn’t find out who the player banks were prior to my arrival.
Multi-Family financing problem - Posted by Paul Macdonald
Posted by Paul Macdonald on May 21, 2003 at 21:17:39:
Ray,
I have a contract on two multi-family units in Florida. 100% sec. 8 HUD HAP contracts. The sellers decided about a month into the contract that they had undersold and have become “hostile” sellers. They didn’t want to sell. We took them to court and won with a specific performance suit. That’s the good.
But the Bad: My lender just said they?ve reassessed the situation based on the documents finally provided by the seller and would be lowering the offered LTV from 82% to 75%. That equates to about a million dollars in out of pocket cash. Any leads on a HUD section 8 property lender for projects at a 10%'ish cap rate for an 80% or higher LTV that can close in 6 weeks?
Paul Macdonald
Re: Multi-Family financing problem - Posted by ROD
Posted by ROD on May 27, 2003 at 18:58:02:
PAUL PLS EMAIL WITH A GOOD CALL BACK # I MIGHT KNOW OF
A GOOD SOURCE
Re: Multi-Family financing problem - Posted by Jim Rayner
Posted by Jim Rayner on May 22, 2003 at 16:30:37:
Paul,
I find that the smaller local banks are the best bet for 80%LTV and fast closings. Last one I did took only 12 days.
Re: Multi-Family financing problem - Posted by peter
Posted by peter on August 30, 2003 at 20:44:47:
call me 781-3295151
Re: Multi-Family financing problem - Posted by Paul Macdonald
Posted by Paul Macdonald on May 22, 2003 at 22:34:25:
Commercial loans? Who and where Jim?