Need Help Structuring Commercial Condo Deal
I am trying to raise 21M for the purchase of condos.. What kind of credit and money is needed to do such.. I have 100k and a 780fico and can prove that i make over 150 a year.. Do i go hardmoney, conventional bank loan are could i get a bank instrument.. ANY SUGGESTIONS??Great investment
I would say flip it to some that does this type of transaction all the time.
I saw some ads on loopnet, and I network w/ a $$$ source from NYC, that waned anytype of broken condo.
Also look at the issues of being the "sole" own and havinf to contrib to the HOS.. FL has some oddvownership restriction.
Goal #1: To continue the initial plan that is pending due the closing date with Blue Green one of the largest fraction/timeshare companies in the world. The current goals is to sell out two 12-plex buildings initially. We would divide each of the units into 13 shares which would give the purchaser the right to four weeks a year (one week a quarter). We would then follow behind this initial offering and increase prices on the second group.
• Goal #2: Sale the second group of condominium in excess of $10,000,000 on these 24 units. The pricing plan would be as follows:
1. 2 bedroom; 13 shares each at $36,000 each. Gross $468,000. Furniture, marketing and commissions would net us about $320,000 per unit.
2. 3 bedroom; 13 shares each at $45,000 each. Gross $585,000. Furniture, marketing and commissions would net us about $430,000 per unit.
3. 4 bedroom; 13 shares each at $ 57,000 each. Gross $741,000. Furniture, marketing and commissions would net us about $570,000 per unit.
Six 2-bedroom X $320,000 = $1,920,000
Twelve 3-bedroom X $ 430,000 = $5,160,000
Six 4-bedroom X $570,000 = $3,420,000
The net sales receipts based on this plan for two buildings would be $10,500,000.
This plan would likely include some owner financing which would increase returns, but would require some delay in receiving the principal amount. The cost is a good estimates, but will vary.
We think we could sell one building a year under this plan./
Not much experience with this size of a deal to answer you question.. Open to any suggestions..
Recalculate the deal as a regular apartment complex, not a time share. Then go back and renegotiate price and terms with seller having to carry a second where the first is around 70 - 75% LTV. Then go to a bank or other lending source to get the first and have the seller carry the second. It is a long shot, but you can get FREE timeshares on craigslist these days, so your timeshare prices are highly suspicious.