Recently Closed Loan - Apartment Lending Corporation

Transcription

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Recently Closed Loan . . .
Class “C” Office Building Bridge Purchase and Remodel
Closed in 3 weeks
Closed Loan Summary
Purchase and Remodel Bridge
San Jose, CA
Class “C” office building
Loan Amount $5.5 million
75% LTV
ALC has successfully placed a $5.5 million bridge loan for the purchase and remodel
of Meridian Avenue Office Building, a 41,500 sf Class “C” office building in San Jose,CA.
ALC became involved when the buyer had only three weeks remaining on their
purchase contract, after which their deposit would be lost. The borrower stepped into
the position of a previous seller who had completed most of the due diligence but could
not close, and there were back up offers waiting to purchase the property if our borrower
failed to close.
The loan closed within the contract period. The purchase price was $7.1 million and
the property needed $2.7 million in remodeling and lease up costs. The property had
not been properly maintained by the seller and was only 67% leased. The loan had an
initial funding of $4.6 million which was 65% of contract purchase price, and a renovation
reserve account of $900,000 was built into the loan structure.
The borrower is a group of experienced real estate professionals who had recently
completed the acquisition, renovation and repositioning of a similar office building in
South San Francisco. The borrower has plans to upgrade the property to a Class “B”
property and stabilize the occupancy.
Apartment Lending Corporation™ Wholesale Nationwide since 1997
Corporate Office 9800 Mount Pyramid Court, Suite 400, Englewood, Colorado 80112, 303-771-1031
Florida Branch Office 822 N. A1A Highway, Suite 310, Ponte Vedra, Florida, 32082, 904-834-1509
www.aptlending.com
[email protected]
Trademark™ ©Copyright 2016 All Rights Reserved
Not intended for public use but for real estate professionals. Terms may be adjusted based on the transaction.
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24 unit All Cash Out Refinance Stated Program
Closed Loan Summary
All Cash Out Refinance
River Falls, WI
24 unit Multifamily
Refinanced Loan Amount $350,000
35% LTV
ALC has recently placed a $350,000 loan for the refinance of a 24 unit apartment
building located in River Falls, WI. The units had all been renovated within the
last two years, and the property was fully occupied. The borrower had started an
expansion of another property without having adequate funds to complete the
construction, and needed cash to finish. The loan was all cash out, over and
above the loan costs, as the apartment building was free and clear. The loan
had a number of challenges including; the all cash out, borrower credit issues,
and trouble fully documenting income requiring a stated income program with a
fixed rate for 3 years.
www.aptlending.com
[email protected]
Page 2 of 32
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Small Vineyard Refinanced with Cash Out
Closed Loan Summary
Refinance
Amador City, California
Small Vineyard
Refinanced Loan Amount $250,000
42% LTV
Borrower searched for over a year to find the right program to pay offer a
ballooning bridge loan and cash out.
www.aptlending.com
[email protected]
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Two Non-Flagged Vacation Time Share Hotels Refinanced
Closed Loan Summary
Refinance
Branson, Missouri
Two Non-Flagged Vacation Time Share Hotels Refinanced
Loan Amount $6,900,000
50% LTV
ALC has recently closed a $6,900,000 bridge loan for the refinancing of two non-flagged
vacation time share hotels in Branson, Missouri. A 48-key, time share hotel known as the Grand
Regency Resort, and an 88-key, time share hotel known as the Colonnade Hotel.
The borrower had searched for over a year before a ALC broker brought the file to us for
review. ALC analyzed the file, put together an underwritten loan package and brought in one of
its investors that funded the loan that no one else could.
The loan paid the maturing existing first mortgage, along with secondary debt associated with
the two properties’ recent renovations. Both fee simple hotels totaled a combined 136 keys with
a large number of them suites. The properties both had strong operating cash flows from the
hotel operations, and the borrower was a multi-property owner in Branson who was experienced
and successful in that marketplace.
The loan transaction had numerous and challenging hurdles which required a great deal of
time and effort to both understand the transaction, underwrite the risks, and advise the borrower
before submitting to ALCs investor. Both properties had originally marketed deeded time shares
to the public, and were later switched to a points system. The switch caused time share sales to
stop and start, which made marketing efforts difficult to non-existent at times, and timeshare sales
revenues to be intermittent. Both properties had extensive title work that was required before a
title policy acceptable to the lender could be issued, due to both the time share sales change
over, and imperfect title work completed during the original acquisition. Since the acquisition of
the hotels by the borrower, tax returns had not been filed, and the financial statements produced
since acquisition, were not audited.
Both the arranged bridge financing, along with the; title, organizational, and financial work that
was completed to qualify for the financing have put the borrower in a position to pursue long term
permanent financing next year.
www.aptlending.com
[email protected]
Page 4 of 32
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36 Unit Multifamily Cash Out Refinance
Closed Loan Summary
Cash Out Refinance
Aurora, Colorado
36 Unit Apartment 2 Building Complex
70% LTV
ALC arranged this 2 building built in 1965 cash out refinance on a 10/25 year
fixed recourse loan that offered the borrower the payment he was seeking
compared to other offers.
www.aptlending.com
[email protected]
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Owner Occupied Office/Warehouse
Closed Loan Summary
Refinance Office/Warehouse
Chino, CA
Loan amount: $705,000
75% LTV
Refinance Cash Out. Challenges were due to both the borrower’s credit issues,
tax liens, coupled with a maturing loan. The existing lender would not extend its’
loan due to both the borrower’s credit and a lower appraised property value due
to market conditions, necessitating the refinance. Problem solved with a stated
three year fixed rate loan, which paid the existing lender, provided cash out that
cleared all tax liens on the property and paid other taxes owned by the borrower.
www.aptlending.com
[email protected]
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5 Unit Apartments (4 separate parcel numbers)
Closed Loan Summary
Purchase of 5 Unit on 3 Adjacent Lots
Bakersfield, CA
Loan Amount: $251,000
75% LTV
5 Units on 4 Adjacent Properties Multifamily purchase in Bakersfield, CA
Three adjacent properties consisting of 5 units. 3 single family residences and a
duplex. First time buyer.
www.aptlending.com
[email protected]
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Office/Warehouse
Closed Loan Summary
Purchase Owner Occupied Office/Warehouse
Houston, Texas
75% LTV
The borrower, an electrical contractor, has occupied the property for seven years
prior to purchasing the land and building. The 4,500 SF building constructed in
2009 contained both office suites and a large warehouse with 16’ roll up doors,
and was situated on a ½ acre lot.
www.aptlending.com
[email protected]
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Single-Tenant Office
Closed Loan Summary
Cash out Refi of a Single-Tenant Office
Groveland, Massachusetts
70% LTV
A single-tenant income property owner needed to pay off a $135,000 in tax lien.
Numerous lenders rejected this loan due to the outstanding tax lien. We
consolidated the borrower’s 1st and 2nd mortgages and paid off his $135,000
federal tax lien through a bridge loan.
www.aptlending.com
[email protected]
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Gas Station and Mini Mart
Closed Loan Summary
Purchase Gas Station and Mini Mart
Ft Wayne, Indiana
Loan Amount $756,000
75% LTV
SBA 7(a) Program. Owner had been leasing this business for years. The loan
payment is lower than his lease payment was and working capital was included
in the loan amount.
www.aptlending.com
[email protected]
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Multi-Tenant Retail Strip Center
Closed Loan Summary
Purchase retail strip center
Jonesboro, Georgia
Loan Amount: $150,000
75% LTV
Borrower was seeking financing for the purchase of a six unit strip center. Other
lenders rejected the project because of the loan size and population size but
because of ALC’s relationships, background and experience, we were able to
place the financing with a national portfolio lender and meet the borrower’s
needs.
www.aptlending.com
[email protected]
Page 11 of 32
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71 Unit Motel
Closed Loan Summary
Refinance of a 71 Unit Motel
Yakima, Washington
Loan Amount: $1,150,000
73% LTV
Borrowers chose ALC because of an out of pocket savings of $50,000 on the
loan cost and a large monthly payment savings. The SBA 7(a) program was a
perfect fit for this project.
www.aptlending.com
[email protected]
Page 12 of 32
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Multi-Tenant Industrial
Closed Loan Summary
Refinance of a Multi-Tenant Office Building
Temecula, CA
75% LTV
ALC placed a $1,825,000 1st mortgage for the refinance of a multi-tenant industrial
property containing 17,018 NRSF, located in Temecula, CA. The property’s refinancing
presented challenges due to both the former difficult market in the “Inland Empire”, as
well as the property’s recent vacancies. The borrower has owned the property since
1996, but had just recently stabilized the building’s occupancy, which was 95% occupied
at the time of financing. The property did not have the seasoning required in its’
occupancy by many lenders, which necessitated the borrower utilizing a high interest
rate private mortgage when his prior permanent loan matured.
ALC arranged a five year fixed rate loan, at an attractive rate of interest, to replace the
private note thereby improving the borrower’s cash flow and stabilizing his debt situation.
The loan also contained sufficient loan proceeds to buy out various minor partnership
interests in the property, thus increasing the borrower’s ownership in the property to
100%.
www.aptlending.com
[email protected]
Page 13 of 32
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6 Unit Apartment Complex
Closed Loan Summary
Purchase of a 6 Unit Apartment Complex
Brockton, Texas
75% LTV
Borrower was shopping for a $270,000 permanent loan for the acquisition of a
6-unit apartment complex in Brockton, Texas. The building was built in 1920,
and was fully occupied. Borrower desired a fully amortizing 75% acquisition
loan. ALC was able to secure a 15-year fixed rate fully amortizing permanent
loan on favorable terms for the borrower.
www.aptlending.com
[email protected]
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Hair and Nail Salon/Studio
Closed Loan Summary
Rate and Term Refinance Hair and Nail Salon
Albuquerque, New Mexico
75% LTV
Borrower was seeking to refinance out of a seller carried mortgage to reduce
their monthly payment. We were able to obtain financing on a 15/15 year fixed
mortgage saving them $450 per month with no balloon payment. Other lenders
could only offer a 5 year fixed at 6%. Financing was completed within the
borrower’s needs and time frame.
www.aptlending.com
[email protected]
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Car Wash and Quick Lube
Closed Loan Summary
Cash-out Refinance Car Wash and Quick Lube
Villa Rica Georgia
73% LTV
Borrower was seeking cash-out refinance of a car wash and quick lube operation
to pay off hard money mortgage, make improvements and purchase new
equipment related to the subject property. Other lenders rejected the project
because the borrower has been in business only a few months but because of
ALC’s relationships, background and experience, we were able to complete the
financing with an SBA 7(a) loan and met the borrower’s needs and time frame.
www.aptlending.com
[email protected]
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44,000 Square Foot Strip Shopping Center
Closed Loan Summary
Cash-out Refinance Retail Shopping Center
Massillon, Ohio
Borrower was seeking cash-out refinance of street level retail center to payoff
Taxes and other obligations related to the subject property and other properties
owned. Other lenders rejected the project because of the Tax obligations but
because of ALC’s relationships, background and experience, we were able to
place the financing with a private lender and meet our borrower’s needs.
www.aptlending.com
[email protected]
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82 Unit Multifamily Rate and Term Refinance
Closed Loan Summary
Rate and Term Refinance
Salt Lake City, Utah
This property was originally built and has been owned by a family trust since
1978 in this well maintained property at 100% occupancy. ALC arranged a 30/30
year fixed non-recourse loan that offered the family trust security they were
seeking.
www.aptlending.com
[email protected]
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20 Unit Multifamily
Closed Loan Summary
Rate and Term Refinance
Sherman Oaks, California
ALC has recently placed a $1,500,000 loan for a fully leased 20-unit apartment
complex. The borrower has owned the property since 1984, and desired long
term fixed rate financing. ALC arranged a 20-year non-recourse fixed rate loan
amortized over thirty years, which replaced a bank loan with an above market
interest rate. The property built in 1962, had been well maintained and selfmanaged by the borrower.
www.aptlending.com
[email protected]
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62 Unit Apartment Complex Bridge Loan Purchase
Closed Loan Summary
Purchase of a 62 Unit Apartment Complex
75% LTV
$910,000 purchase of a 62 unit apartment complex in Houston, TX. The property had
undergone a renovation by the seller and was not yet stabilized as there were still
thirteen un-renovated units (six unoccupied) remaining, along with other improvements
to be completed. The property built in 1963, and was being repositioned in the
marketplace by the seller. The buyer purchased the property with the intent of finishing
the renovation and the tenant repositioning. The borrower received a 75% LTV
acquisition and bridge loan to acquire the property and complete the renovation.
The transaction presented several challenges due to the incomplete renovation, not
having a stabilized occupancy, and the age of the property. The property’s vacancy was
twice the local market due to the ongoing renovation, and there were two tenant bases
with varying rental rates. ALC used the both the borrower’s experience in repositioning
apartments and the strong local apartment market to secure the financing. ALC’s
assisted both the borrower and lender, who worked diligently through the various issues
in the closing process in completing the financing.
www.aptlending.com
[email protected]
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Hotel Construction to Permanent
Closed Loan Summary
Construction SBA Green 504 Hotel Loan
Newark, Delaware
85% CLTV
ALC has recently arranged an 85% CLTV $11,500,000 construction loan for the
conversion and expansion of an existing Comfort Suites Hotel, to a 6-story 120-room
Four Points by Sheraton in Newark, DE. This property qualified for the SBA Green 504
program and will operate as one of Delaware’s first Green Hotels.
The existing hotel had been closed for over 18 months in anticipation of the conversion,
but the prior construction lender was unable to fund its commitment, and was eventually
merged with an institution that does not extend hospitality loans. ALC placed the loan in
spite of numerous prior efforts by both the principals and brokers. ALC’s borrower is an
experienced hospitality owner, and operates a limited service hotel in the immediate
area of the Four Points conversion. The borrower was the original developer of the
closed Comfort Suites, and was familiar with both the area and local hotel market.
www.aptlending.com
[email protected]
Page 21 of 32
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Office Building and Parking Facility
Closed Loan Summary
Bridge Loan
St Augustine, Florida
70% LTV
The Bayview Pavilion is a three story office building built in 1998, 92,000 SF with
a two story parking garage. The loan facilitated both the building’s purchase and
the replacement of a vacating tenant occupying 34% of the space. The loan
provided 82% of total costs, and included tenant improvement and leasing
commission costs for a replacement tenant. The loan was non-recourse and was
underwritten at 70% of stabilized valued.
www.aptlending.com
[email protected]
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Mixed Use Retail and Multifamily
Closed Loan Summary
Purchase Mixed Use, Retail and Multifamily
75% LTV
This was the first commercial property that the owner bought. Borrower’s other
properties consisted of 1-4 rentals.
www.aptlending.com
[email protected]
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Multifamily
Closed Loan Summary
Refinance 17 Unit on 3 Adjacent Lots
Norwalk, Connecticut
65% LTV
Three adjacent properties consisting of 17 units. ALC negotiated with the
borrower’s lender to lower the first mortgage down to make the numbers work.
www.aptlending.com
[email protected]
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Multifamily
Closed Loan Summary
Purchase of 20 Unit Multifamily Property
Denver, Colorado
75% LTV
Borrower’s Compliment
“Thank you very much for your help to get me my first commercial property loan.
I look forward to doing more business with you for my future acquisitions.”
www.aptlending.com
[email protected]
Page 25 of 32
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Office Building
Closed Loan Summary
Purchase Owner Occupied Office Building
St Louis, Missouri
80% LTV
Funded by using the SBA 7(a) Program. Street level office space for new
expansion of 5 year old property management business.
www.aptlending.com
[email protected]
Page 26 of 32
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Office Warehouse
Closed Loan Summary
Purchase of Small Owner Occupied Building
Los Angeles, California
80% LTV
Funded by using the SBA 7(a) Program Borrower commented:
“Having never purchased a commercial piece of property before, for my husband
and myself to do so was like walking into a dark room not knowing what we were
going to run into. From our first set of documents to the closing, ALC answered
every question and explained every step that was in front of us and sometimes
before we even knew we had a question. We would highly recommend him and
he will be taking care of any future commercial lending that we require.”
www.aptlending.com
[email protected]
Page 27 of 32
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Office Condo
Closed Loan Summary
Purchase of Owner Occupied Office Condo
90% LTV
Funded by using the SBA 7(a) Program. Pre-Qual Package to Closing was 65
days. Small business needed this larger space for growth.
www.aptlending.com
[email protected]
Page 28 of 32
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Grocery Store
Closed Loan Summary
Purchase of a Grocery Store
St Louis, Missouri
80% LTV
Funded by using the SBA 7(a) Program. New store location for fast growing
family owned grocery store operation. 2 year history with significant growth. Was
renting a smaller retail space. Loan included Working Capital for operations.
www.aptlending.com
[email protected]
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Mixed Use Office, Multifamily and Equipment
Closed Loan Summary
Purchase Mixed Use Portfolio Loan
Medical Office/Apartments/Equipment
75% LTC
Purchase of Real Estate and Equipment including $85,000 dental equipment
loan and acquisition of a 4,992 SF, 25% owner occupied mixed-use property.
www.aptlending.com
[email protected]
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Restaurant
Closed Loan Summary
Refinance Construction Loan
Memphis, Tennessee
50% LTV
The owners completed construction on their restaurant 1 Story Building,
3,800 sq ft four years ago but were unable to obtain permanent financing with a
call on their note due in a few weeks. ALC quickly underwrote and closed on
time. Local banks and financing companies were unable to perform.
www.aptlending.com
[email protected]
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Mixed Use Retail and Multifamily
Closed Loan Summary
Refinance Mixed Use, Retail and Multifamily
San Diego, California
Borrower was seeking refinance of street level retail with multifamily component
to take advantage of the Discounted Principle Offering (DPO) offered by his
current note holder. Lower than expected property value due to market
conditions required ALC negotiate for an additional discount to complete
transaction. New first mortgage $2.5 million from a $4 million original balance.
www.aptlending.com
[email protected]
Page 32 of 32

Recently Closed Loan - Apartment Lending Corporation

Transcription

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