| Private Fund provides up to 100% financing General parameters: 7-10 days to LOI, if accepted 7-10 days to Funding Agreement, with detailed terms as verbally negotiated over the previous week. Meet with Attorney for the Trust in Florida (optional) This can also be done on the phone. Provide a SBLC with face value of 10% of the approved loan amount, with lender or their assigns as beneficiary. First draw in approx 4 weeks from deposit. Then, it will be once a month and will be spelled out in the Funding letter mentioned above. Generally, it will be a draw schedule, but it can be slowed down or sped up as progress dictates. • After last draw, the SBLC will be returned to the issuing bank. Appraisal may or may not be required. Other 3rd party fees and site inspections may be required. These would be the only other possible fees, in addition to the escrow deposit. Lender will charge up to 3 points, which will include the broker fees and will be added to loan request. All 3rd party reports and fees are case by case. Most expenses will be borne by the lender, and added to the principle loan balance. Interest rate should be in the 5.5% range, fixed for 10 yrs. Amortization will be between 10 & 20 yrs. No prepayment penalty. NO INTEREST DURING THE DRAW PERIOD! At completion, interest starts to accumulate. BUT, it can get up to a 12 month moratorium on making payments, which gives time to cash flow. Any accumulated interest will be added to the loan principle. A Mortgage will only be placed on the property after the last draw. They will fund up to 100% of the costs. Lender will ask for Joint Venture participation on a case by case basis, usually max 20%. Projects not secured by real estate will have higher rates/terms. $15M minimum request. THIS LENDER WANTS TO MAKE SURE THE PROJECT HAS EVERY CHANCE TO SUCCEED. *All the above statements are approximates, and each file is case by case. To begin the review process, please complete the short application by downloading here. Please return to comresinvest@aol.com If we like the project, a full package will then be needed. A full package consists of summary, bios, use of funds, pro forma, marketing plan, and letter indicating they are aware of the SBLC requirement and are prepared to provide. Please send completed packages to comresinvest@aol.com |
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