Loan amount
$19,800,000
Loan type
Refinance
{Construction}
After Repair Value
$27,500,000
ARV
72%
{ARV}
Property type
Multi-Family 5+ Units
Borrower Details
Credit score
750
Deal experience
50 deals
This loan scenario was submitted by a Broker
Yes
Property Details
City
Riverside
State
California
Loan Details
Current mortgage balance
$5,800,000
Cost of improvements
$14,000,000
Estimated property value after repairs
$27,500,000
Additional Loan Information
I have a VERY EXPERIENCED borrower that I am in a bind on. Guy has done over 50 New Constructions, Hotels, fix and flips commercial in last 3 years. Has 750 Credit - Doing in LLC.
Bought property for 3.2 Million- Put over 2.6 into it. Have brand new appraisals from AMC approved vender for current Value of 10.5 million (Completely Curbed, landscaped, permitted etc. - Ready to go vertical on 7 homes) Loan sold to Churchill right as he was about to go Vertical and they stopped funding draws etc. (As I have heard they have done on quite a few loans around the country at this present time) He has letters where he is asking for them to start again etc. He stopped building as he wasn't going to go further upside down with contractors.- Now note is up and Churchill ready to call note on him.
We had House Max ready to fund it. We have clear title, insurance, Payoffs, etc. Then Housemax was scheduled to close, with the terms agreed upon. One of their partners spoke with Churchill and asked for the payoffs to change some verbiage. Churchill who was already in a tussle with Housemax because they stopped selling them their paper said no we gave you what we legally were required. Now partners are dragging their feet and discussing what they want to do. In meantime, Churchill threatening to Foreclose any day.
I have a complete DropBox I can send you full of stuff, but here is the just.
Need- 5.8 to payoff Churchill- Land worth 10.5.... They are building 7 luxury homes on top of Mountain in Riverside CA. - Vertical Cost. 14 mill.... The ARV is North of 27 million. They need and I/O for 18-24 mos. To build. They are willing to start with payoff of the 5.8 and a couple of the homes at a time, or can do the whole lot. BUT we need to do this quickly.... As I said, all the Appraisals, Title, Insurance, payoffs etc. are done and in. Is there anything you can do?
Bought property for 3.2 Million- Put over 2.6 into it. Have brand new appraisals from AMC approved vender for current Value of 10.5 million (Completely Curbed, landscaped, permitted etc. - Ready to go vertical on 7 homes) Loan sold to Churchill right as he was about to go Vertical and they stopped funding draws etc. (As I have heard they have done on quite a few loans around the country at this present time) He has letters where he is asking for them to start again etc. He stopped building as he wasn't going to go further upside down with contractors.- Now note is up and Churchill ready to call note on him.
We had House Max ready to fund it. We have clear title, insurance, Payoffs, etc. Then Housemax was scheduled to close, with the terms agreed upon. One of their partners spoke with Churchill and asked for the payoffs to change some verbiage. Churchill who was already in a tussle with Housemax because they stopped selling them their paper said no we gave you what we legally were required. Now partners are dragging their feet and discussing what they want to do. In meantime, Churchill threatening to Foreclose any day.
I have a complete DropBox I can send you full of stuff, but here is the just.
Need- 5.8 to payoff Churchill- Land worth 10.5.... They are building 7 luxury homes on top of Mountain in Riverside CA. - Vertical Cost. 14 mill.... The ARV is North of 27 million. They need and I/O for 18-24 mos. To build. They are willing to start with payoff of the 5.8 and a couple of the homes at a time, or can do the whole lot. BUT we need to do this quickly.... As I said, all the Appraisals, Title, Insurance, payoffs etc. are done and in. Is there anything you can do?
Status
Open
Created
December 11, 2023 - 5:24pm
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