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12-07-2022, 11:19 PM #1
- Join Date
- Mar 2016
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100% financing for pre-leased credit development projects USA and Canada
100% financing for development projects and we only work with pre-leased credit development projects. Must have a lease in place or a hard LOI from prospective tenant. Credit rated tenants and NN or NNN preferred. Can include land acquisition if it is controlled / at least under contract. Can be a single project or several.
For credit, pre-leased, “household-name” development, assume the loan will be 100% of cost not to exceed 80% of ultimate value (stabilized)
Recourse is negotiable. I have some trade secrets that could alleviate your having to sign personally.
The borrower will never be relieved from recourse for construction completion, environmental nor “bad boy” clauses.
No lender participation.
The lenders want to charge a point going in and same at exit. (This is negotiable.)
Broker origination 2 points.
Usually 18-24 month term; can pay off sooner. Term can be extended at a charge.
The lenders want to establish a credit facility, not just do one-off.
Must be presented so the lenders must understand (be able to predict) the exit cap rate w/in a narrow range and exit which can be a sale or a perm loan.
Usually, there is a about a two-point spread between yield on cost (NOI ÷ Total Cost) and exit cap rate (NOI ÷ Sales Price or Value). A 1.5% spread could be enough.
No dollar limit.
Anywhere in the US or Canada.Mike Lewis - commercial real estate loan broker / owner
No up front fees loan broker
Commercial real estate loans: Acquisition, refinance, construction and FAST bridge loans from $200k +
tel/voicemail: 937-964-5355
cell/voicemail: 440-637-5646
corporate email: mikelewis@michaellewisgroup.com
www.linkedin.com/in/cigarmike
Veteran Owned
WE CO-BROKER with an even 50/50 split and we both get paid by wire at close.
We issue a combination mutual NDA / fee split, you introduce your CRE clients to us stating simply we handle your commercial real estate loans, we take it from there and keep you in the loop. When a loan you referred closes, you get paid at close by wire.If you can work with that please do not hesitate to contact us. Our loan forms are vanilla with no company name.
Michael Lewis Group Commercial real estate loans
http://michaellewisgroup.com/index.html
Loan Matrix
Forms
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Discounted cell phone plans starting at $15 / month. AT&T from $30/mo, T-Mobile from $15/mo, Verizon from $35/mo.
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