| Posted by: dtdmogul Dec 29 2004, 12:31 PM |
Hi all,
I'm looking for potential financing players for a $35MM loan on a $40MM total cost Codotel on the ocean in south Florida. The numbers work well. The project has a $66MM conservative sell out value. Currently $23MM in hotel units have been sold as well as $6.6MM in commercial space.
The developer/purchaser is repositioning the hotel as a 5 star euro spa type resort. Very experienced borrower but somewhat short on cash due to recent marital issues. While I work in commercial finance, my expertise is mostly plain vanilla permanent commercial loans, not high leverage diffucult property types.
Any suggestions you may have as to a potential lender would be very helpful. The borrower realizes that he may have to give up some of the sales procceeds for the institutional equity. One more item... we need a commitment by Jan 17th with funding by the end of the month to comply with the purchase and sale agreement.
Under normal circumstances I would have balked on this deal but this guy is my neighbor and I'm trying to help him with this on a personal rather than a business level.
Thanks,
Dave |
| Posted by: moneyde836 Dec 29 2004, 01:45 PM |
| QUOTE (dtdmogul @ Dec 29 2004, 12:31 PM) | Hi all,
I'm looking for potential financing players for a $35MM loan on a $40MM total cost Codotel on the ocean in south Florida. The numbers work well. The project has a $66MM conservative sell out value. Currently $23MM in hotel units have been sold as well as $6.6MM in commercial space.
The developer/purchaser is repositioning the hotel as a 5 star euro spa type resort. Very experienced borrower but somewhat short on cash due to recent marital issues. While I work in commercial finance, my expertise is mostly plain vanilla permanent commercial loans, not high leverage diffucult property types.
Any suggestions you may have as to a potential lender would be very helpful. The borrower realizes that he may have to give up some of the sales procceeds for the institutional equity. One more item... we need a commitment by Jan 17th with funding by the end of the month to comply with the purchase and sale agreement.
Under normal circumstances I would have balked on this deal but this guy is my neighbor and I'm trying to help him with this on a personal rather than a business level.
Thanks,
Dave |
Dave:
We may have a few Lenders interested. We will advise you either way in the next few days.
Regards.. Myron |
| Posted by: loanuniverse Dec 29 2004, 02:29 PM |
Posts like this make me wonder if I should sneak something into the Terms of the website to indicate that I get 10 basis points for every lead that closes.  |
| Posted by: pcinguina Dec 29 2004, 03:16 PM |
Dave,
We are interested. Will be in contact
Peter Cinguina |
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