BiggerPockets

Took time but we came to an agreement and closed a $170million acquisition & development transaction in Panama. Had a few obstacles but resources pulled together and made it happen. Looking forward to the next deal.

Client needed financing for a resort & development acquisition and apparently got shopped around to people that had no idea where to place it. So I came in with a proposal of bond financing. Rate was at bit high but they have the option of refinancing in 2 years. Dispersal broken into 3 tranches as the development completes. Built in an interest reserve for the first year as well. Clients were skeptical at first as I told them that this is not for every project. They saw the advantages in what we put out and went forward full steam. Can do this for high dollar projects, anything below $25million it would not be worth the effort
Anyways going to enjoy the payday for a moment and then on to the 3 deals!

Good luck

Congrats!

How much cash did the borrower have to put in?

Are you saying that the development loan will only have 3 fundings? So does the borrower have to advance construction costs until they hit the requirements for a traunch funding?

Went very well. Borrower out of pocket was about $450k, but most of that was deferred until a concrete commitment. Best thing is the borrower got most of funds back at closing. They were happy as ever for the outcome. Well going to work on a new one so good luck out there!

Wow!