Results 1 to 5 of 5
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04-03-2024, 11:47 AM #1
$3MM Flagged Hospitality Investment Opportunity - Ground-Up in New Llano, LA
Who likes to invest in flagged hotels? I have a client seeking to build a brand new Holiday Inn & Suites out in New Llano, LA.
Everything is in place except for the capital (literally EVERYTHING, but the guy is broke now).
So far, sponsor did put over $550,000 into the project, land is owned free & clear. All permits are in place.
Sponsor has over 20+ years as hotel operator, 15+ years developing residential properties, & is a licensed commercial contractor.
I have the bank ready to do the financing @ up to 90%. What's missing is the capital injection.
The project costs at a minimum $9.5 MM to finance, ideally $10.3 MM for everything to be perfect.
Sponsor is offering up to $3,014,658 of Equity Interest constituting a 75% Equity Interest Share in this 80-room project.
Anyone interested & capable to execute promptly, just PM me or email me if you have my direct contact.
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04-03-2024, 11:54 AM #2
If he owns the land, I have a guy who can take equity out of the land to get 100% LTC.
Reach out.Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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04-03-2024, 05:01 PM #3
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04-03-2024, 05:12 PM #4
So the land isn't worth $1M?
Here's some basic intake questions for this or in the future:
Real Estate Development Funding Request Outline
We understand that there are likely several documents prepared in association with this funding request. The object of this exercise is to get a clear “snapshot” of the project without having to sift through pages and pages of documents to get some basic facts in one place so we can expeditiously put this in front of potential funders.
Name of Project:
Project Type (multi-family, MPC, commercial, etc.):
Location:
Funding Type: (equity, debt, bridge loan, etc.)
Please respond to the following questions as completely as possible and provide the requested backup documentation. Thank you!
1. Provide a short narrative/description of the project.
2. What is total project cost, capital stack? Please provide a complete proforma.
3. What is the total equity input (cash, land, entitlement costs, etc.) from the sponsor? (Please note that lenders will not accept developer fees left in project as equity)
4. Are there any other funding sources (PACE, TIF, tax credits, etc.)? Are they approved/secured? Please provide documents/evidence.
5. If prepaid interest is factored, for how long? (Note: Some lenders will not use prepaid interest in the total construction costs for loan to value or loan to cost purposes.)
6. Will the construction be phased/staged? If so, how many segments?
7. Is the project entitled, site shovel ready? If not, what is the time frame for entitlements, permits, etc.?
8. Is there a current appraisal for the project? What is the appraisal amount and the estimated equity? Please provide the appraisal.
9. What will be the finished or completed value of the project?
10. What is the sponsor’s experience? Please provide sponsor’s resume and list of developed projects.
11. What is sponsor net worth/income, etc? Please provide sponsor’s financials, REOs and credit score.
12. Any additional notes for clarification?
List of required preliminary documents:
1. Project proforma;
2. Offering Memorandum;
3. Documents re additional approved funding sources (PACE, TIF, tax credits, etc.);
4. Property appraisal;
5. Sponsor’s resume;
6. Sponsor’s List of developed projects; and
7. Sponsor’s financials, REOs and credit score.Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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04-04-2024, 05:28 AM #5
- Join Date
- Oct 2022
- Posts
- 280
I am interested.
Elon Henek
HCI - Glen Cove, NY
Main: 1-516-676-1854
Cell: 1-516-236-4086
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