site de rencontre 08 Eleanor Financial Inc. Arranges Financing for Villa Nueva aka Avery Park Gulf Bank Freeway
We recently completed financing for our clients to acquire this 540 Unit Class “D” (borderline F)
Multi-Family Project in Houston, Texas
This property had many issues.
We worked closely with the Listing Broker over several years assisting him with vetting one potential buyer after another.
Since funded several properties in the area, we knew the market and understood area trends/demographics.
He finally located a “real” buyer.
When the new prospective buyer executed the PSA –
They didn’t listen to the listing broker who encouraged them to call us first!
Instead the new sponsor went to several “pretend lenders” –
They wasted several months and over $50,000 in up-front fees with no success.
To prevent these unfortunate circumstances, we educate our borrowers don’t go through the loan process alone.
It’s like going to court without an attorney!
It’s our full time job to screen who are the real lenders and who’s not.
When we received the “911” call, the transaction was crumbling-
Earnest money had gone hard, and the holidays were upon us.
We went work immediately!
There were numerous obstacles to overcome –
Being 20 year veterans in the lending business, our firm was able to present not only the positives of the loan but the negatives head on –
It’s imperative to be up-front with all investors and sponsors.
They’ll find out anyway –
Surprises just slows down the process.
The new sponsor had successfully performed on another asset – bringing a 40% occupancy property to 80% in 9 short months – but half the size of Avery Park.
Fires fires and more fires on the property –
Reasonable Insurance was going to be almost impossible to obtain.
A Fire safety plan had to be in place –
The property had a Condemnation issue which would need to be addressed with the lender and clear title–
When? How many buildings potentially could be affected?
The property’s low occupancy and extensive rehab was another one.
Avery Park’s reputation was going to be the biggest hurdle to overcome.
There was a Triple murder in the parking lot, and the article was located on the first page of google.
Rebranding was not going to be enough –
Through our direction, a complete safety plan was put in place –with on-site security, gates, LED lights and a crime prevention plan working in conjunction with Houston Police Department
The lender a little more comfortable with executing a loan
Still it was going to be tricky –
The area and demographics were very rough.
Other questions –
Why didn’t the other bridge lenders do the loan?
How come NO one had purchased the property over the last several years?
Our experience working with several other area properties allowed us to confidentially educate the lender –
Avery’s location was perfect for the working mothers/families -close to the bus line and job opportunities for potential tenants.
Across the street from a great school for children with needs.
In order, to obtain desirable family oriented tenants, a new screening process would need to be implemented.
The tighten security would ensure the safety to the tenants and deter future crime in the complex.
Playgrounds for children.
Avery Park’s occupancy had improved in the last 6 months.
Even though Houston is a growth market, this property would require “hands on” attention to reposition it.
We had lengthy discussions with the lender regarding the pros and cons.
We demonstrated how the property’s occupancy and revenues were increasing “As Is” without any strong management or necessary improvements.
Values in the area are trending upwards.
Not to mention Avery Park was the last true “value add” property in Houston.
Other important questions popped up during the loan process.
What about the exit?
We outlined to our lender and sponsor a clear and concise refinance timeline and conventional proposal for the exit strategy.
We made the investor– as they put it “sleep better at night.”
We’re delighted to have been a part of increasing our very happy sponsor’s Real Estate portfolio!
Net funded – price, points, interest reserve, taxes, insurance and capital improvements
0.75% Interest Only
2 – 6 month Renewals
Eleanor Financial prides itself in delivering new and innovative lending programs.
We provide both permanent and bridge financing solutions for all types of commercial assets nationwide including many non-recourse options available
through our many Life/ CMBS/ Institutional /REIT/Private Equity lenders with flexible terms up to 80% leverage in some markets.
If you need a quick close and/or in a distressed situation, we have the solution available through one of our many bridge lending programs.
You will never experience the horrors of a commitment not being honored with our team.
We never charge any upfront fees.
Unlike other lending groups we offer quick and reliable feedback to all our clients with competitive rates and successful closings.
We’re excited to be the exclusive facilitators for several new and old investors entering into the commercial lending market.
Our Company remains the most adaptable and capable in the industry to guide our borrowers through the ‘New Normalcy.”
We welcome any inquiries regarding your proposed commercial real estate financing needs
Call or email us with any questions.
Our team is here to assist you,
We make the impossible … possible
strattera online no prescription Kimberly Kirk
Eleanor Financial, INC.
Toll Free: 866-732-5626 Cell: 713-858-5556