BiggerPockets

Alright, I am not a newbie to re development. The current market for commercial loans is as challenging as it has ever been. Especially for condominiums. I have a warehouse conversion into condos in Hartford, CT. I own the property, all soft and development costs are done. Ground is ready to be broken. I am pretty sure conventional lenders are not even going to look at my business plan, because I have probably called all of them. I am seeing if anyone including brokers has relationships with private lenders or private investment groups still looking to lend on profitable developments. If interested please inquire, I have a full business, appraisals, and all documentation needed.

I also have two developments in Cabo San Lucas Mexico if anyone has lenders in Mexico. Both need development loans. One is a vertical construction of an exisitng mixed use building. The other is raw land to be subdivided. I have business plans for both of these as well. Hartford is my priority right now, but I wanted to throw Mexico out there to see if there is any interest. All projects can be under the same umbrella if desired. Thanks in advance.

Pete Marsele

Pretty large, it depends on what it is being compared to. I consider projects costing me over $1mil to be large. The cost of Plaza Nautica(vertical condo construction) is going to cost around $12mil. The total number of units will be 83. It is located in the downtown marina in Cabo.

The land development is a subdivide of 10 acres. The 10 acres is surrounded by a future golf course and future five star hotel. It will also have oceanfront lots on the pacific side. The costs will be around $6mil.

Is your business partner a developer or lender? I appreciate your interest. I have business plans that give much more detail than what I explained above, if you request.

Have heard of using stocks to leverage a loan. However, myself and my partners do not have a large portfolio of stocks. I tend to stick with what I know and that is real estate. My portfolio is 95% RE. Thanks though.

Celine,
I will just need an email address from you to send my executive summaries.

Do you have any specifics as to what your associates require to fund?

Look forward to hearing from you, thanks.

Pete Marsele
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If you put your e-mail in a post, its just going to get edited out. Put it in your signature.

Wayne,
Thanks for the information. I can do presales, but I wanted to try and finance the project without them first. This lender that lent to you, what was the depth of the presale contracts? Deposits? If yes, how much? In other words was there a specific criteria with your presales that this lender wanted?

I could add retail but it would not be very converntional the way the lot and structure are situated. Thanks.

Pete

Wayne,
Thanks for the feedback. I may venture into the presale route in the near future. But my plans call for 28 units. To presell half the units at a discount would hurt my bottom line. But if I do not have any other options in a month or so, "a bottom line" vs. not having one at all may be the way to go. I may seek your contacts at that time.

Pete Marsele

Hello! :D

I am part of a private consortium active in project finance via private banking options available to us on a confidential and proprietary basis. Our well-connected relationships with major domestic and international banks allow us to offer extremely favorable terms for project financing options. There are no brokers here, as we are the principals.

Our basic terms are: 2% + LIBOR, NO fees, NO corporate/personal guarantees, 25% deposit (down payment), and preferred minimum loan request $8M.

Please, contact us detailing the type of project, the amount of funding needed, the amount of capital needed, and the time frame involved. We will respond quickly.

Kind regards,
Alicia Bryan

Pete,

I can help you with all of the projects. Please email me directly or through my website.

Thank you,
Angela

Pete,
Good afternoon. I work for Kennedy Funding where we are a private commercial lender. I would be interested in speaking to you in more detail about your projects. Please contact me at below to discuss. Thank you.