I am a Florida developer with three commercial projects looking for financing.
Two of the projects have equity and produce a cash flow, any thoughts or ideas?
Two separate banks hold the notes on thes properties. Both banks have been extremely difficult to work with due to their financial constraints. Looking to finance out of these notes at a deep discount.
We will consider an array of options!
There are several ways to accomplish your goal. One of the main ways is to have a private investor purchase the notes from the banks. The banks will usually discount the notes, depending on their strength. There are over 1,000 banks, of the roughly 7,300 in the country which are under a watch list. If your bank is on one of these lists, they will do a deal with you. They need liquidity and to get potentially troubled assets off the books. The investor would then form a new entity with the two of you, which would allow you to stay in the deal and move the project along. The advantage of this is that you accomplish your goal, usually get released from the personal guarantee and are able to reset the basis in the deal.
This is a very successful way to accomplish your goals.