Looking for lender for commercial construction loans in FL
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[{"id": "izm6k53", "text": "I've built a stable of lenders since '88. PM me. \n\nGUC rates are going from 8-10% , 12-24 months with extension, interest only, some loans with draw schedule, others you get the lump sum up front. Have exits to perms.", "replies": [{"id": "izoji0t", "text": "I'll take a DM on this! Im refinancing upstate New York multi and I'm hitting 6.75 on a 20am (credit union). I would take an 8 IO because it would be a lot more flexible from a private lender.\n\n  \n\n\nI have no offers soutb of 9 for a hard loan. These rates are nuts this year.", "replies": [{"id": "izonvgg", "text": "You ain\u2019t lying", "replies": [], "depth": 3}, {"id": "izp9ht8", "text": "That doesn't sound favorable at all. Are you trying to pull cash out to do value-add / renovation? Are you pulling out cash that is in excess of your basis? If so, thats a tough call. If not, 6.75% on a 20 year AM is outrageous for multi-family. \n\nFor context, agencies will do 10yr UST + 180 for stabilized multi-family. Life Insurance companies will occasionally do better, and they will offer you initial funding + a holdback contingent on work being done (if thats the case with this property). \n\nCredit Unions can at times be the best lender, but that's rare in my experience. I can see a CU biting at a deal in a tertiary location, but then that rate quote still doesnt look pretty. One huge advantage of credit unions is that they typically offer the best pre-payment flexibility, but also credit unions typically have the gnarliest closing requirements: it could be month before your deal closes.", "replies": [{"id": "izpbs5p", "text": "Who do you have for 10 yr ust +180? What kind of agency? \nI'm nowhere close to that. At that rate I would not pull out, just cover.", "replies": [], "depth": 4}, {"id": "izyipzr", "text": "Most agency debt is at 10+ 300 or so right now, depending on DSCR.", "replies": [], "depth": 4}], "depth": 3}, {"id": "izq3yea", "text": "Hey Erynsen, what size of loan are you looking for?", "replies": [{"id": "izq6j7h", "text": "I have a refi for 6-800k\nConstruction for 3mm coming online in next few mos.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "izm7408", "text": "Is this for your use or as an investment?", "replies": [{"id": "izm9jv2", "text": "For an investment", "replies": [], "depth": 2}], "depth": 1}, {"id": "izm8iik", "text": "Do you have a broker or are you a broker?", "replies": [{"id": "izm9llg", "text": "...", "replies": [{"id": "izmbrkg", "text": "I think step one would be finding a commercial mortgage broker to get you financing for your investment", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "izm9mdy", "text": "Check Fairwinds Credit Union", "replies": [], "depth": 1}, {"id": "izmjozs", "text": "How much do you need?", "replies": [], "depth": 1}, {"id": "izn630h", "text": "You should really just hire a broker", "replies": [], "depth": 1}, {"id": "izn6iw1", "text": "(Disclosure: Mortgage broker here)\n\nYour best way to cover the market get the greatest number of quotes is through a mortgage banker / mortgage broker. Mortgage brokers are here to help you: just as you would pay a broker to fetch you the highest sales price for your building, you hire a mortgage broker to create a market for your loan needs and find you the best rate/structure/amount.\n\nThe game is flipped from the sales/acquisitions world. We are sales brokers to the lenders who then invest in your loan. They WANT to invest in your loan, so we create a marketplace where they can invest. Your maximum cash-out equity refi is to them a stabilized 10yr UST + 165 loan that is valuable to their portfolio. \n\nWhen its time for you to pull out the maximum amount of equity on your building or to get favorable construction loan parameters, a broker is crucial. \n\nLook at the SAM Alliance members page for a list of firms nationwide. [https://www.samalliance.com/sam-members/](https://www.samalliance.com/sam-members/)\n\nThere's also RECA: Real Estate Capital Alliance (smaller than SAM). \n\nReach out to one of these firms. \n\nor (drumroll)\n\njust pm me", "replies": [{"id": "izovy20", "text": "SAM Alliance?  Eh...", "replies": [], "depth": 2}], "depth": 1}, {"id": "izo5tt5", "text": "Not sure where you are but I\u2019ve seen valley national, centennial, and I believe Huntington bank do some construction stuff. Possibly republic but that could have been a refi after construction, can\u2019t recall.", "replies": [], "depth": 1}, {"id": "izpfcao", "text": "Try BB&amp;T or First Community Bank of FL", "replies": [], "depth": 1}, {"id": "izpvymt", "text": "Anything pre-leased? You sure you wanna spec something like this with macro uncertainties?", "replies": [{"id": "izqnd8m", "text": "...", "replies": [{"id": "iztrnhr", "text": "We would require a full guarantee and make sure guarantors can support debt service without any income from the project. Would require a large debt reserve of 9-12  months - probably additional credit enhancements as well due to the speculative nature. Would have strict draw schedule and maybe phase it so you have leases lined up before more funds disbursed. That\u2019s just one bankers opinion tho, based on our own risk appetite/strategy a project like this would have to be air tight. But yeah working with a broker who can find lenders not like me would be your best bet. Good luck!", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "izq2oci", "text": "Check Jacog Advisors", "replies": [], "depth": 1}, {"id": "j024zdi", "text": "I work for a lender in Florida. Things are though for borrowers, particularly with construction and land. We are getting more institucional deals that a few months ago would be bankable and we are choosing these premium deals with institutional investors or people we have worked before than taking new smaller clients. We are fairly small with less than 1b of AUM, I can imagine other lenders are doing the same.", "replies": [], "depth": 1}]