BiggerPockets

Hi Matt

Did you get sorted with your funding?

Kevin

Kevin
sorry, should have said, please feel free to PM me if you believe you may have information that relates to my enquiry.
Many thanks
Matt.

Matt - contact me ....I have an amazing person who can help you with your project

Hi Matt

Please find below thorough details of what would be required to fund your project.

We can arrange commercial, development or residential finance for projects worldwide via private funders. The funders tend to prefer larger loan deals or alternatively portfolios of properties. The common thread being the investors/funders need to see an exit strategy in place or a confirmed way of loan being serviced.

They will not lend to the general public either - it has to be a commercial application ie an application from a company wishing to purchase or develop.

For us to assess your project we require the following

A signed application form for each project
A signed terms of business form for each project
Details of who has already been approached for funding (so as to not waste time) and reasons as to why it was declined (where applicable).

The process is as follows.

Initially the funder would assess the application/executive summary in depth and then discuss with the client via conference call any further points they need to clarify.

They would then decide in principle whether they would lend subject to their own due diligence.

At this point due diligence fees would be payable. These fees are typically US$10,000 however unlike other brokers these are requested at this point once the projects have been assessed and not at the initial application stage. Therefore providing the client had done his homework correctly then this should be just a confirmation of the figures already provided. The whole point of the funder doing diligence is so they can establish the facts/ figures themselves. They want their own diligence, not the applicants diligence (regardless of it being notarised or not). If what the client presents is wholly accurate, realistic, viable and verifiable by an independent agent they stand a good chance of funding.

Due diligence has been taking around 1 month. It depends on location and size of project. They are getting busier by the day and so conference calls are now being booked in for 2 weeks hence. For your info and if it gives any additional comfort to any prospective applicant, the funder also has a "refund policy": (funder)... will refund any and all fees paid by a client, that can verify the funding request was actually accepted and provided from another source. The actual amount requested and provided must be the same, and the type of transaction must be identical to the request presented to (funder)... The transaction must have taken place and documentation must be provided. If the client has a recent valuation (in the last 6 months) by a national/ international agent, the funder may decide they can use it & therefore discount the diligence costs appropriately - this is purely at the funders discretion. If the client is not willing to pay the diligence upfront then we're wasting our time. No project is so good that the funders will cover the costs of diligence themselves.

They seem to be one of very few funders still active, so their workload is great & seemingly increasing by the week. The fact that it is an overseas funder adds time to the process. Therefore the process will take approximately 3 months - anything quicker is a bonus.

The funders usually quote between 10% & 12% interest per annum, so always best to air on the side of caution and expect 12%. Anything better will be a bonus.
There is a broker fee of 3%.

We will then endeavour to find a new home for the borrowing once the project is completed and hopefully will be able to attract more lenders with more favourable rates.

So if you are happy to move ahead on that basis then we can see if we can get the funds for you.

Ill PM you as well so that I can email you the forms however I thought I'd post this in case its of help to anyone else.

Kevin

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

Hi Angela and Alicia, I will be in touch shortly, however please feel free to PM me here with contact details so that we can speak more directly.
Thanks for your replies.
Kind regards
Matt