Mr. Zimmerman;
I received your message about equity/bridge loans, and I have a client that is very strong and is in escrow to purchase a four lot site in Malibu (southern California) with all the approvals and entitlements, including infrastructure in place. He is buying the site out of a bankruptcy for $6.4 million, putting $2 million down. He is very strong, and very experienced. I have done a fair amount of work with him. The lots all have white water views, and approved bldg. plans, and are three months away from pulling permits for the first house. You would be lending $5.4 gross, he needs $4.5 net. The construction loan for the first house is around $1.8 - $2.2 and the houses are all 5,000 - 6,000 S/F in size, and are in the $5.5 million to $6.5 million range in value. The lot releases are 1.35% of the gross loan amount, i.e. $1.8 million, so when the third house is finished and sold, you are paid in full. We have estimated the site as is to be around $8.5 million easily in value. I was on the site with our Coldwell Banker Previews residential group, and there is no product available. The agents tell me they have buyers standing in line for product in this area. They also tell me they could probably line up the buyers in advance of the construction commencing. For your information, our division is the advisory and consulting arm of Coldwell Banker Commercial, we are not in the brokerage side, but provide all the needed third party reports, feasibility/market studies, valuations & appraisals, site & property inspection reports. Since we are part of the largest real estate firm in the nation, we provide these services on a national level. I have access literally to every office in the country, and their entire data base, thereby being able to provide local data and knowledge with our local offices for all types of assignments. If this is something that you feel you might be interested in looking at, please send me a reply. Kjell "Shell" Nelson President Coldwell Banker Commercial, ASG Appraisal & Advisory Services Group (310) 937-7700 "direct" (310) 798-6836 "fax" _____ -~----------~----~----~----~------~----~------~--~--- <http://na1.salesforce.com/servlet/servlet.ImageServer?oid=00D300000000F7w&e sid=01830000005OULO> --~--~---------~--~----~------------~-------~--~----~ [RealEstateDeals] A part of http://realestatezoo.com Apply online for commercial real estate loans in just minutes at http://realestatezoo.com You received this message because you are subscribed to the Google Groups "RealEstateDeals" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/RealEstateDeals -~----------~----~----~----~------~----~------~--~---
