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Author Topic: $250k bridge loan needed, offering 20% interest  (Read 3396 times)

Offline zachj

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$250k bridge loan needed, offering 20% interest
« on: January 26, 2006, 07:16:51 pm »
Property development company in receipt of LOI from a major US lender for a US$7M real estate loan and needs a 30-day bridging loan of US$250K to facilitate. Offering 20% Interest within 7 days of $7M loan closing allowing 21 days for closing from day bridging funds are received. Bridging funds required by Feb.03rd 2006. Serious inquiries only from persons with liquid cash.

thanks

zj
Zachary Johnson
Commercial & Residential Loan Specialist
100% financing, Rehab Loans, Hard Money, Construction & Development Loans Internationally
Windsor Capital Mortgage Corp.
office: 619-822-2909 (SEE PROFILE FOR EMAIL ADDRESS), www.propertyloanrates.com

Offline zachj

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additional info
« Reply #1 on: January 26, 2006, 07:52:49 pm »
Let me also ad that I have secured the $7Mil financing for the client above with Kennedy funding for a large development project in Barbados.  He needs $250k more to get this loan movin.  He is getting a large sum of money after the loan funds to start development, of which 50k would go to you.  I can likely secure your payment in the contract with Kennedy Funding to make it air tight.
« Last Edit: January 30, 2006, 12:02:28 pm by kdhastedt »
Zachary Johnson
Commercial & Residential Loan Specialist
100% financing, Rehab Loans, Hard Money, Construction & Development Loans Internationally
Windsor Capital Mortgage Corp.
office: 619-822-2909 (SEE PROFILE FOR EMAIL ADDRESS), www.propertyloanrates.com

Offline JAAMJK

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Re:$250k bridge loan needed, offering 20% interest
« Reply #2 on: January 27, 2006, 08:57:40 am »
Hello Zachary,

What is the collateral to secure the bridge loan?

An LOI is not that strong as most short term lenders will want to know how you are going to close out their loan.   Has Kennedy issued a commitment?  Have they acquired and locked down the property?  Do they have sufficient equity in the property to secure?
Is the property entitled (permits, permissions, ect).  

Bridge financing in the Caribbean can be high priced and sources limited.




Offline zachj

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Re:$250k bridge loan needed, offering 20% interest
« Reply #3 on: January 27, 2006, 10:50:29 am »
The land is to be used for collateral.  A distressed seller is selling the land for $750k and my client has done an appraisal recently for 2.9Mil.  The seller had to get rid of the property and really just had no idea what the land was actually worth.

The contract for the land is in watercourse dev. co.'s name and deposit was paid by the watercourse dev. co. company to the seller.  Have title conveyance.

At this point my client does not have controlling interest in the watercourse co.  So $135k out of the $250k is needed to buy controlling interest in the company so that he can use it as collateral.  

The other $115k is needed to pay Kennedy directly at signing.

It sounds like a bit much, but he would even consider bring on someone as a partner for the whole ride.  The projected future value of the completed project is $93Mil.
Zachary Johnson
Commercial & Residential Loan Specialist
100% financing, Rehab Loans, Hard Money, Construction & Development Loans Internationally
Windsor Capital Mortgage Corp.
office: 619-822-2909 (SEE PROFILE FOR EMAIL ADDRESS), www.propertyloanrates.com

Offline zachj

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    • Mortgage/Real Estate Website
Re:$250k bridge loan needed, offering 20% interest
« Reply #4 on: January 27, 2006, 11:47:22 am »
Actually ive just come to find out that one of the partners has a $1.25mil house with only 100k balance owed that can be used for collateral.
Zachary Johnson
Commercial & Residential Loan Specialist
100% financing, Rehab Loans, Hard Money, Construction & Development Loans Internationally
Windsor Capital Mortgage Corp.
office: 619-822-2909 (SEE PROFILE FOR EMAIL ADDRESS), www.propertyloanrates.com

 




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