Results for ‘Debt’ category

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

Progress on the refi front

On Friday, a loan broker who reads this blog secured for us a letter of intent (LOI) from a bank for a refi of a project we just stabilized. We’re all-into the deal for just under $2.8MM and the LOI calls for the bank to loan us that amount via a cash-out refinancing. Now, going

What’s going on today

Just in case anyone thinks what we do is glamorous, thought I’d give you guys a sense for what I’m working on today. Am working on securing four different loans: Refi of a stabilized property so we can return ~70-80% of the capital invested to our investors Two bridge / construction loans One line of credit

An irritating refinancing issue

Have just begun the process of refinancing 201 N Ave 55, a 12 unit property we renovated and recently stabilized. Thought I’d share with you an irritating issue I’m running into, so that you aren’t surprised when it happens to you. Let me begin by giving you some sample numbers. These aren’t actuals for the

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