Seeking a $10.3MM 75% LTC Condo with Street Facing Retail in a hot northside neighborhood in Chicago. Is anyone familiar with any Debt Funds that will go up this high in the stack? Any help would be appreciated.
Title explains it all. I've got over $4B of CRE Debt &amp; Equity Financing under my belt but it's all been with the main food groups. This is my first Condo Deal and of course the Borrower wants to see how high he can go up in the stack with Debt. I have an exclusive rep agreement with this guy and have been working with him for over a year. I just started hitting the Capital markets a few weeks ago. As expected, Regional &amp; Local Lenders will only lend at 60% LTC.
[{"id": "i3krmqr", "text": "Why not contact a community bank with a strong syndicate relationship? It seems to work with deals I do in Cle.", "replies": [{"id": "i3kteys", "text": "Agreed. Curious\u2026why condo vs rental? Can credit unions that are under their CRE loan threshold finance condos? Who\u2019s the new lender player in town that is trying to increase market share? \n\nOn an aside\u2026how are you accurately pro-forming construction costs ?\n\nEdit: I\u2019m with stoweker", "replies": [], "depth": 2}, {"id": "i3l01ie", "text": "Also depends on how weak/strong the local bank is. I had a term sheet from a local bank but failed underwriting due to interest rates rising + Ukraine relations. \n\nAlso Cleveland bank hahah", "replies": [], "depth": 2}], "depth": 1}, {"id": "i3l04x5", "text": "Trez, BridgeInvest, Emerald Creek, Thorofare. Going to be expensive debt though.", "replies": [], "depth": 1}, {"id": "i3o7mda", "text": "I have some funds in mind. Send me a DM", "replies": [], "depth": 1}]