This is a copy of the press release I just issued. I am really excited about the distressed real estate programs that we have available and I hope that the way that I am getting the word out is the right way to do it. The website listed below isn't up and running yet. it will be by next week at this time. I need to write an article for the business enterprise and see if I can get it published. It would be nice in the sl tribune as well. I think that with the right borrowers, a lot of money could be made. The window is now however. Waiting won't do. Here is the press release:
"Segway Funding has been retained to locate, identify and originate private bridge loans and/or joint ventures for owners and developers of foreclosed and distressed real estate projects. These scenarios often involve properties where a new lien holder has recently purchased a loan note as part of a larger FDIC loan pool.
Frequently these notes are being repurchased by the original property developers but that is not a requirement for financing consideration. Over $1 Billion is to be deployed over the next 6 to 12 months working specifically on individual note purchases on distressed property acquisitions. The rates on these loans are excellent as well and include construction funds where applicable.
Opportunities might include busted condominium projects, townhome properties, commercial office buildings, industrial properties, retail projects, either completed or near completion. Improved commercial/industrial and even residential land will also be considered. For additional information, please go to www.distressedrealestatecapital.com .
If you feel that you have a loan and/or joint venture opportunity, give us a call at 801-273-7700 or email at info@segwayfunding.com. We will not consider any single-family residential (1-4 units) notes or properties.
Segway Funding, Inc. specializes in arranging short-term (1-72 month), hard money / private equity loans nationwide. If you would like to contact them about this press release or for general company information please contact Charlie Crump at 801-273-7700 or email at info@segwayfunding.com"
Wednesday, April 15, 2009
Charter School Loan Closed!
Segway Funding, Inc (www.segwayfunding.com) is pleased to announce the successful funding and subsequent loan closing for a Charter School Building. The developers need a construction loan to have the school ready by the end of summer for the 2009-10 school year. They have strong credit and the financials on the property were excellent but all the local banks that they had relationships with were unwilling to make the loan. Granted they liked the charter school loan but they simply don't have the money to lend right now - or they are unwilling to lend it. I suspect a little of both.
Because the various banks had strung out this developer, the charter school wasn't going to be started in time for completition for the coming school year. They had to get a loan in place within 30 days to make the construction deadlines. They called Segway Funding. We met with them in their offices the next day and and immediately set to work. We internally underwrote the loan in two days and ordered an appraisal from a charter school specialists we know. A few days later we had arranged the lender and the race to close began. It was an intense process but in the end the loan was successfully funded and closed. The rate was phenominal and the client was thrilled with the results.
It feels good to know that Segway Funding was able to arrange the charter school loan in shuch break-neck speed. The client is happy, the lender is happy, and most importantly, the kids will be happy in their new charter school building next school year.
Segway Funding specializes in difficult loans. We typically originate hard money bridge loans, private loans, hard money loans, bridge loans, hard money bridge loans, bridge equity, etc. Please feel free to contact charlie crump at 801-273-7700 or visit www.segwayfunding.com.
Because the various banks had strung out this developer, the charter school wasn't going to be started in time for completition for the coming school year. They had to get a loan in place within 30 days to make the construction deadlines. They called Segway Funding. We met with them in their offices the next day and and immediately set to work. We internally underwrote the loan in two days and ordered an appraisal from a charter school specialists we know. A few days later we had arranged the lender and the race to close began. It was an intense process but in the end the loan was successfully funded and closed. The rate was phenominal and the client was thrilled with the results.
It feels good to know that Segway Funding was able to arrange the charter school loan in shuch break-neck speed. The client is happy, the lender is happy, and most importantly, the kids will be happy in their new charter school building next school year.
Segway Funding specializes in difficult loans. We typically originate hard money bridge loans, private loans, hard money loans, bridge loans, hard money bridge loans, bridge equity, etc. Please feel free to contact charlie crump at 801-273-7700 or visit www.segwayfunding.com.
Monday, November 17, 2008
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.
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.
Tuesday, August 5, 2008
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
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
Wednesday, July 16, 2008
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
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
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