Some sweet loan programs I now have access to!

In working with some of my institutional lenders, I have been given access to some terrific new programs to cater to the loans that banks are no longer making. There are about three different programs that should be very useful right now to real estate professionals. These loans are very competitive and I am really excited to get them in front of the local bankers.

The first is a triple net construction loan on investment grade type commercial properties. They are willing to go up to 90% leverage on the loans. The loans can range in size from $10 million to $40 Million with the sweet spot primarily in the $25-35 Million range. I have a friend that does Walgreen's new construction but I don't know if they will meet the price range. I don't know if he needs them either. He mentioned that Zion's couldn't help him any longer.

Income producing properties is where I need to be located right now. We have a new program for post construction loans where the bank isn't renewing the loan for the leasing phase. The loan program is for 2 year loans and range in size from $5-40 Million. The ltv is between 50-75% but that might not be too difficult to given the value created following construction. Properties in default are ok as well but the yields will be higher (14-16%).

Lastly the 3rd program is for permanent loans. Hard money loans that are "permanent" means 5 to 7 years and the rates are around 7.5 to 8%. That's not bad at all. We are looking for portfolio product. Therefore the properties need to be in good shape. Given that it is hard money, these rates are amazing. I just need more deals! I'll start calling tomorrow.

Another Deal Closed

Segway Funding came through for yet another borrower. This was a one year loan, interest only loan. This will enable the borrower to work on his other projects and finalize them. I love helping my clients, both borrowers and lenders, find mutually beneficial bridge loans. For more details see http://www.segwayfunding.com/recent_deals.php

This has been a busy time for me personally as well as professionally. Segway Funding has received a lot of loan opportunities lately and the due diligence has been great. Unlike most of my competitors, Segway Funding prides itself on doing a great deal of due diligence BEFORE sending out loan summaries to our pool of lenders to make sure that they are solid hard money loan opportunities. Most simply gather the bare minimum to put together a bridge loan summary and then let the hard money lenders decide if they are good or not. This does a great disservice to the lenders in that they then have to spend their valuable time doing their due diligence on potentially crappy deals. Conversely, a loan opportunity from Segway Funding has already been through a rigorous screening to make sure that the opportunity really is what the summary claims. Sure it takes Segway Funding a lot more time to wade though deals to find the fundable one's but that is simply how we choose to run our business. The extra mile is what sets us apart.

I was upset yesterday when a hard money broker from another firm in town told me that they withhold information, especially bad information, from lenders claiming that if they don't find it on their own that's their own fault. It down right put me in a bad mood. Oh well, that just means that if we ever end up sharing a lending client, I will have more credibility and respect and will my loans will fund. Lenders appreciate the quality of Segway Funding's loans. http://www.segwayfunding.com/

Lender's can learn more about Segway Funding by going to http://www.segwayfunding.com/loan_criteria.php

That's all for now.

Charlie Crump

First Blog Ever!

This is the first blog that I've ever done. I'm going to use this to express my ideas as they pertain to my lending business, Segway Funding, Inc (http://www.segwayfunding.com/) Since my new website is to be up and running hopefully by the end of this week I thought that I would start blogging now in hopes that I can help provide insight into the hard money industry in the intermountain west, Utah markets right now. Furthermore, to also provide tips to potential borrowers on how to avoid getting taken by unscrupulous lenders who really aren't out to make a loan, rather simply to collect a bunch of exorbitant "due diligence" fees to make a quick $100K or something. They'll even send out out a preliminary commitment letter trying to entice you to send over the fees. Horrible.

Anyway, I will probably try to log on periodically and will try to put some information about me and who I am from time to time. If you are looking for a hard money loan, bridge loan, stock loan, accounts receivable factoring loan, or most any other asset-based loan you've come to the right spot. Please visit my website at http://www.segwayfunding.com/ or call me at 801-273-7700 and we'll talk.

Thanks,

Charlie Crump
Segway Funding, Inc.
801-273-7700