All Forum Posts by: Shafi Noss

I had a good experience working with Nicole Hatzenbuehler, I think she is on the forums somewhere. 

Adnan Merchant did an excellent job with my partners fund docs.

I might be able to get you something if you're willing to go down on the leverage, feel free to PM me.

There are two things you need to do. One is review your contract and get clear on the extensions, late penalties, recourse etc. you are working with. The second is to call your borrower and get a detailed picture of how the project is doing. 

If the project is going well and and just needs a more time, charge some late fees and give your borrower an extension. Needing extensions is common in this business. 

If the project is not going well but you feel confident in the relationship, work out a repayment plan where the borrower can pay what they owe you in a way that works for both of you. 

If the project is not going well and you don't feel confident in the relationship, find some lawyers you can reach out to to advise you on how to pursue the recourse laid out in your contract. 

Of course I'm going of incomplete information here, not knowing what is in the contract or what red flags you are seeing specifically. 

Like the above posts mentioned, you would usually doing by buying with a bridge when it's in bad shape and refinancing with a long term loan when it's stabilized. Just like a BRRRR or whatever it's called in the single family space.

What I usually see is a syndicator buying the property with a private bridge loan, where DSCR is low and rates are high, and then after stabilizing refinancing into a long term bank loan, where DSCR is high and rates are low.

I have seen banks be really variable on other lending products though and the relationship matters a lot too, so it's probably worth talking to a few if you get the point where you need hard data. 

Also depends on the amount of cash you are trying to move. Returns tend to go down as the amount of cash you are trying to place goes up. 

If you ask ChatGPT how many times the letter ‘z’ appears in the word ‘pizzazz’ it says twice.

It will only get better from here though. 

Following

So Section 8 Housing refers to the 8th section of the Housing Act of 1937.

Does anyone know what the other seven sections say? Also is there a section 9 or higher?

I looked it up but the information was confusing and hard to find.