We have two new financing programs. For land acquisition and development loans / construction, we can fund 65% of the completed value and require no presales. Attached is a spreadsheet that shows how the loan numbers work and the typical terms. As you can see we build the interest and the loan fees into the gross loan amount. It is a great program and as previously noted, there are no presales requirements. It is a great A&D / construction loan. We are mostly concerned with the value of the project, thus making it an asset based loan as compared to a bank loan. It is a little more expensive than conventional; however it is a much more flexible process and financing alternative. Our fund for this financing is a multi-billion dollar fund.
The other new program is a hard money loan program. We have an immediate requirement to finance hard money, land, and acquisition and development transactions. Funds are available and closing can occur within ten days. We must finance hard money / land transactions by December 20, 2006. We prefer transactions in major metropolitan areas. Terms are no more than 65% LTV; no up-front fees; maturity in one year; no payments and no interest payments for the year as these will be built into the loan; and closing costs are also built into the loan. We can also do the take-out financing. We have programs and prefer transactions from $3,000,000 - $50,000,000.
Lending on Commercial Real Estate nationwide, in all states, at Starlite Funding Inc. , we are always dedicated to exceeding the borrowers expectations. We are focused on providing loans that suit borrowers needs. We offer both quick turnaround time and great rates. Our area of expertise is in providing loans from $500,000 to over $100,000,000. Often these loans are fixed for long terms with no personal guarantees. Please, review the information provided and give us a call if you have any questions or need more information. Ask for a quote, you will be surprised at our rates, our terms, our options, and our flexibility.
terryleroe@comcast.net
Two New Financing Programs
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