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Multifamily Loans and Tuck Under Parking

admin — Thu, 20 Jan 2011 07:31:05 +0000

Fannie Mae and Freddie Mac Will Not Lend on Apartments with Tuck-Under ParkingThe conduits are making are making CMBS loans again, and the most preferred product is multifamily loans. The problem is that the agencies – Fannie Mae and Freddie Mac – have better rates and terms for apartment loans than the conduits. The agencies will also go higher in terms of loan-to-value.The conduits are therefore looking for scratch and dent apartment loans that don’t quite qualify for the agencies. One reason an apartment building might not qualify is that it cannot satisfy the 90/90 Rule. Fannie and Freddie will not finance an apartment building that has not been at least 90% occupied for ninety days.Another fatal flaw for Fannie and Freddie is tuck-under parking. Tuck-under parking is basically carports underneath the building. The concern is that the building could collapse in an earthquake. Below is a picture of tuck-under parking.Although the agencies won’t finance properties with tuck-under parking, CMBS lenders will gladly make these loans. If your apartment building is also struggling to maintain 90% occupancy, you should consider a conduit loan.Do you need a conduit loan right now? You can apply to several dozen conduit lenders in just four minutes using C-Loans.com. And C-Loans is free!You can also write to me, George Blackburne, at george@blackburne.com. Simply insert the words, Conduit Apartment Loan Request, in the subject line of your email.
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Big Apartment Construction Loan Just Closed

admin — Thu, 20 Jan 2011 07:30:57 +0000

Investment Banker Announces Closing of $20.6 Million DealThere are so few large commercial construction loans that are closing nowadays that a recent closing of a $20.6 million apartment construction loan actually warrants a mention in our blog.The loan was closed by a large regional bank. The project was a planned 125-unit apartment complex in Studio City, California. The project will be a mix of one-, two- and three-bedroom market rate apartments. Onsite amenities include a swimming pool and sun deck, tennis courts, and a clubhouse.The construction loan, which represents 72 percent of the total development cost carries an interest rate of Libor + 2.75% with no floor, so the current interest rate is approximately 3.0%.The mortgage banker that originated this loan sent an announcement of the closing to thousands of real estate brokers and finance executives. Such a closing announcement is called a tombstone. The typical tombstone will contain the contact information of the mortgage company originating the deal, in hopes of generating more leads.Do you need a commercial construction loan right now? You can submit your mini-app to 750 different commercial lenders in just four minutes using C-Loans.com. And C-Loans is free!
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Land Leases and Merger of Interests

admin — Thu, 20 Jan 2011 07:30:37 +0000

Interesting Deal Involves Merger of Land Lessor’s and Land Lessee’s InterestsOur hard money mortgage company, Blackburne & Sons, is competing for a very interesting loan this month. The borrower is the owner of a land lease. He leased the land to a developer for 55 years, and the developer built a large shopping center on the property.Although the developer is still current on the underlying land lease, the shopping center has largely failed. Most of the retail spaces are vacant. The holder of the chattel mortgage on the developer’s leasehold interest, a bank, started foreclosure, so the developer declared Chapter 11. The parties could not agree on a reorganization plan, so the bankruptcy court has ordered the sale of the shopping center’s leasehold interest (the shopping center on leased land).Our borrower owns the land lease. He receives a big land lease payment every month of, say, $15,000. Now he wants to buy the shopping center that sits on his land.I was surprised to see a deal like this because normally the holder of the land lease would simply sit back and wait for the developer to default on his land lease payments. If the developer were to default, the holder of the land lease would declare him in default and "foreclose" on his land lease (more precisely terminate the developer’s interest in shopping center). The holder of the land lease would then own the entire property – both the land and the shopping center that sits on the land – in fee simple (the normal way that people hold title). The land lessor’s interest and the land lessee’s interest would merge because they are identical parties.In this case, however, the holder of the land lease is afraid that someone else will buy the shopping center, and he will be stuck with a "lousy" $15,000 per month income for the next 51 years. Fifteen thousand dollars per month sounds like a lot of money until you think of the hyper-inflation suffered by Zimbabwe.Therefore our borrower is coming to us to help him purchase the land lessee’s interest. Once the land lessor’s interest merges with the land lessee’s interest, he will be able to easily sell the combined interests for far more money than the sum of the two parts. Few investors want to buy real estate on leased land because it brings with it the obligation to make the land lease payments during a recession. In addition, real estate on leased land is sometimes difficult to finance.Do you need a commercial mortgage loan on real estate on leased land? Simply go to C-Loans.com and apply for a normal first mortgage. Then, in the Special Issues section, please insert the words, "The property is on leased land with 49 years remaining on the lease. The monthly land lease payments are $4,600 per month." Be sure to apply to banks. Banks are the type of commercial real estate lenders who make commercial real estate loans on leased land.See Also
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Commercial Loans and Additional Collateral

admin — Thu, 20 Jan 2011 07:29:58 +0000

A Wise Friend Has Advised Me to Often Get Additional CollateralA buddy of mine, Paul, owns a hard money commercial mortgage company similar to Blackburne & Sons. He was kind enough to share the following pearls of wisdom:Paul wrote: "It’s been my experience (and I’ve been around longer than George, although I’ve been told that I’m younger and better-looking) that when your run-of-the-mill, medium-sized investor gets into trouble, he doesn’t sink all at once. He takes a while to drown.""There’s generally some money coming in in dribs and drabs, and the question is, ‘What is his motivation to pay us, rather than the other guy? Maybe some money comes in on rents, or maybe he manages to sell one property, etc. It’s not just our problem with the debtor. It’s just as much us versus the other creditors. The more dear the guaranty or the additional security, the more likely it is that we’ll get paid in preference to someone else. AND, I CAN TELL YOU DEFINITIVELY THAT THIS IS THE REALITY, NOT JUST THE THEORY!""The vast majority of my deals include either a guaranty and/or additional security (cross-collateralization). Probably half my deals include both. It has saved my (bottom) MANY times. It can be a very effective weapon." "My convoluted logic: A lender should demand and obtain the type of additional security that provides the borrower with a strong motivation to retain the property. When brokers ask me, "How much additional security do you need?", my answer is, "Enough to make it WALK-PROOF". The borrower cannot walk away from the loan.""The example I use is – suppose the borrower has $1MM in equity he can pledge in a first mortgage position on something questionable (let’s say land in . . . Indiana?), I may or may not be terribly interested. If he could also give me a $750,000 second mortgage on a high-quality apartment building, that could well be more interesting that the $1MM first mortgage on land. And, if he has $500,000 he can put up in third position on his primary residence, he has my undivided attention. Why? Because in a lot of these homes there’s a wife with a butcher knife! … and, she’s my best friend. You’ve just added a whole another element to the motivation factor. We all want to keep our appendages intact. "(Obtaining a personal guaranty also helps to make a property walk-proof.) The borrower certainly doesn’t want his friends and relatives getting a letter from the guarantee holder notifying the guarantor of a default. I could go on and on about guarantys and additional security or both. The laws can differ in different states.""Just one ‘head’s-up’ that almost all the brokers and the majority of the lawyer’s get wrong. Be very careful about additional property being put up by someone who is not the borrower. Don’t make them both borrowers by taking the easy way out and having them both sign the note. One is the guarantor, and one is the borrower. Don’t make them both borrowers on the note. In California, screwing that up can get you in big trouble. Further, the additional security being put up by the guarantor is not the security for the loan. It’s security for the guaranty. One one property, you’ll have a note secured by a mortgage. On the other, you’ll have a guaranty secured by a mortgage."Note to self and staff: Get either an outside personal guaranty (not just the owner of the LLC) or additional collateral, or both, on every deal.Do you need a private money commercial loan? You’ll find 150 hard money lenders on C-Loans.com. Is your deal bankable? You’ll find 500+ banks on C-Loans.com as well. And C-Loans.com is free!See AlsoPMB CapitalPrivate Money Commercial Loans
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Hard Money Commercial Loans and Family Offices

admin — Thu, 20 Jan 2011 07:28:58 +0000

What on Earth is a Family Office?It sounds like a simple concept, but a lot of commercial mortgage brokers and investors forget it. In order to be a direct commercial lender, you actually need money to lend.So the next time some clown, who is asking you for a $20,000 application fee, tells you that he is a direct commercial lender, ask yourself this question, "Where is he getting the dough to lend?"Money to make commercial loans only comes from a small handful of sources. Life companies get their commercial lending dough from the premiums that policy holders pay for their life insurance policies. Banks, savings banks, S&L’s, and credit unions get their commercial lending dough from the deposits that they receive from depositors.Conduits, also known as CMBS lenders, get their commercial lending dough on an interim basis from bank lines of credit. Their commercial loans are eventually sold to a trust, that securitizes the loans into commercial mortgage-backed securities. This source of funds was almost completely dried up for two years following the crash in 2007, but the CMBS market is now showing some signs of life – but only for deals of $5MM or larger.I think there are only two surviving commercial mortgage REIT’s – Avatar and BRT Realty Capital – and they are making loans at hard money rates. (Do you know of any other commercial mortgage REIT’s? I’d love to hear about tem. george@blackburne.com.) REIT’s get their commercial lending dough from the sale of shares in the real estate investment trust.The remaining source of commercial lending dough comes from private investors and mortgage funds. In 2006, before the Great Recession, there were about 250 large mortgage funds making commercial loans nationwide. Virtually every one of these funds got crushed during the Great Recession. Commercial real estate fell by 40%, and then commercial lenders flooded the for-sale market with commercial foreclosures. Since "everybody" knows that you can buy commercial foreclosures for 60 cents on the dollar, everybody wants a deal. Nowadays few commercial property buyers will pay more than 60% of 60% of 2006 valuations. Therefore almost every commercial mortgage fund in the country is now in the process of being wound down.This means that today, in early 2011, the only way to fund a hard money commercial loan was for the hard money broker to syndicate a fresh group of private investors. Raising private money is much more difficult in 2011, compared to 2006, because so many private investors got chewed up in commercial real estate and in stocks because of the Great Recession. Large hard money commercial loans – deals larger than $2 million – have become almost impossible to obtain because there are so few mortgage funds remaining, and large syndicates of private investors are extremely hard to assemble.I did see recently, however, a brand new commercial mortgage fund that raised $100 million in their initial offering. They were able to raise this kind of money because they raised their dough from endowment funds and family offices.So what is a family office? A family office is a private company that manages investments and trusts for a single wealthy family. The company’s financial capital is the family’s own wealth, often accumulated over many family generations. Traditional family offices provide personal services such as managing household staff and making travel arrangements. Other services typically handled by the traditional family office include property management, day-to-day accounting and payroll activities, and management of legal affairs. Family offices often provide family management services, which includes family governance, financial and investment education, philanthropy coordination, and succession planning. A family office can cost over $1 million to operate, so the family’s net worth usually exceeds $100 million. Recently, some family offices have accepted non-family members. More recently the term "family office" or multi family office is used to refer primarily to financial services for relatively wealthy families.Do you need a commercial loan right now? You can apply to hundreds of commercial lenders using one simple mini-app using C-Loans.com. And C-Loans.com is free!Buy a list of 150 commercial lenders for any state in country. Just $99 each. CommercialLenders.com.
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FriendsClear

admin — Thu, 20 Jan 2011 07:28:19 +0000

URL:http://www.friendsclear.com/
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Aqush

admin — Thu, 20 Jan 2011 07:28:16 +0000

URL:https://www.aqush.jp/

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RateSetter

admin — Thu, 20 Jan 2011 07:28:16 +0000

URL:http://www.ratesetter.com/
Short description:Instead of lending your money to your bank, with RateSetter you lend it directly to other people (to get a better return on your money)
Instead of borrowing from a bank, with RateSetter you borrow directly from other people (keeping the cost of borrowing down)

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myAzimia

admin — Thu, 20 Jan 2011 07:28:16 +0000

URL:http://www.myazimia.org/
Short description:MyAzimia is a start-up company that provides tailor made solutions to the microfinance and P2P micro-lending industry niche. We have an excellent understanding of the P2P lending and microfinance sectors and our fully fledged front to back end solution reflects this.

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Bitcoin

admin — Thu, 20 Jan 2011 07:27:42 +0000

URL:http://www.bitcoin.org/
Short description:
Bitcoin is a peer-to-peer digital currency. Peer-to-peer (P2P) means that there is no central authority to issue new money or keep track of transactions. Instead, these tasks are managed collectively by the nodes of the network. Advantages:

Bitcoins can be sent easily through the Internet, without having to trust middlemen.
Transactions are designed to be irreversible.
Be safe from instability caused by fractional reserve banking and central banks. The limited inflation of the Bitcoin systemâ€™s money supply is distributed evenly (by CPU power) throughout the network, not monopolized by banks.

Bitcoin is an open source project currently in beta development stage. Development is hosted atÂ SourceForge.

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