Results for ‘Debt’ category

Update on 830-832 N Beaudry

Today, we’re putting the finishing touches on 830-832 Beaudry, a 7 unit building we renovated through Adaptive Realty Fund 3. This project ran into some hurdles and was delayed approximately three months past its scheduled completion date. Some of the delay was unavoidable, but most of it was the contractor failing to supply sufficient labor

A gap in the lending market

Today I want to talk about a major gap I see in the lending market. As a real estate entrepreneur, your choices for loans generally boil down to: Bank loans, which cost in the range of 3.5-4.5% but are painful to get (because of the underwriting process) and take 30-60 days to close; or Private

What a good deal looks like

Sometimes, this is what victory looks like: That’s a wire from Crown Escrow (a Silver Lake-based, family-owned escrow company which I strongly endorse, fyi) for $2.59MM, the net proceeds of our refinance of 201 N Ave 55, a 12 unit building we purchased in Highland Park in June 2014. As I believe I’ve mentioned here

Agency vs. banks

We’re working with a reader of this blog to secure our first-ever loan from Freddie Mac, a so-called agency lender, on a project we recently stabilized. Previously, our experience with loans has been with banks. Back when I was first starting out, every broker warned me to avoid the agency lender and stick to banks,

A pretty large appraisal discrepancy

Apologies for the lack of posts these last couple of days. Today, I got word that an appraisal hit at the contract on price ($850,000) on a deal one of our agents is working on. That wouldn’t be such a big deal, except that another appraiser for a different bank recently appraised the exact same

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