Board Topic: Commercial Condotel Financing
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Commercial Condotel Financing

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. biggrin.gif

Posted by: pcinguina Dec 29 2004, 03:16 PM
Dave,

We are interested. Will be in contact

Peter Cinguina
email

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