Results 1 to 8 of 8
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04-15-2024, 11:10 AM #1
- Join Date
- Jan 2024
- Posts
- 14
Land Financing - Denison TX
Client seeking $1.6MM from refinance of land in Denison, TX for a SFR development. Proceeds will be used to pay off existing senior lender of approximately $900K, along with working capital for reimbursement of engineering costs. Land recently appraised in December for $5.7MM.
Please advise potential options along with rates and terms available.
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04-15-2024, 11:35 AM #2
It's a development deal. You aren't going to get rates and terms for land typically unless you have a plan for it. Do you have funding for the vertical? Lenders would normally want to see the fuill file with development documents to refinance land.
Complete the information below and send it to me with appropriate attachments:
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. This form is in Word allowing for extra space as necessary. Thank you!
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.Last edited by Olderguy; 04-15-2024 at 11:45 AM.
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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04-15-2024, 11:45 AM #3
- Join Date
- Jan 2024
- Posts
- 14
Vertical funding will be secured in the future. They are only interested in refinancing the land at this time.
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04-15-2024, 11:47 AM #4
Where is the land, how it is zoned, what's the intended use and what is the population where's it's located?
Hard money will want to know that...
What happened to the lender who got the appraisal in December?
12 month bridge...12% - 15%Last edited by Olderguy; 04-15-2024 at 12:02 PM.
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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04-15-2024, 12:24 PM #5
Nathan Capital Group | https://nathancapgroup.comNick Hubbard
Senior Loan Advisor
314-252-0299 - Office
314-885-2262 - Direct
nick@elitefactoring.com
www.elitefactoring.com
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04-16-2024, 03:15 PM #6
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 730
I love Texas Land Deals
We just funded a 11M refinance cash out and another 5M cash out. in 10 days. Depending on some details this should be an easy deal for our investors
Just need a good appraisal on site visit /survey for funding. Rates depend on details of the borrower and project
message me for details.
Benjamin Zuniga
bzuniga@omegafund.comLast edited by omegafund; 04-16-2024 at 03:21 PM.
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04-17-2024, 10:02 AM #7
- Join Date
- Apr 2024
- Posts
- 5
We should be able to help out with this. Shoot me an email at i.wells@capfrontfunding.com
Ian Wells
Director of Specialty Finance
i.wells@capfrontfunding.com
(929) 220-0394
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04-17-2024, 04:08 PM #8
- Join Date
- Jan 2024
- Posts
- 14
Land Financing - Denison, TX.
Hello Nick,
Give me a call at 937-367-1423 at your convenience to further discuss this opportunity.
Thank you,
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