Ray Need Your Help - Posted by Mark

import · March 9, 2005, 5:27pm

Posted by Robert Hayes on April 19, 2005 at 08:36:47:

Ray, what are the banks that you are referring to?

import · March 9, 2005, 5:27pm

Posted by Mark on March 09, 2005 at 18:27:04:

Ray,

I was wondering if you have any contacts for construction/development lending that is not hard money. I am doing a lot of construction loans for spec and customer home builders. They are running into large acres of land for sale that is unimproved. The problem is that wholesale lenders I work with do not allow for raw land and infrastructure. They only allow for improved land that has the utilities and roads installed. I’ve called around local banks and they do not lend on developments.

Thanks,

Mark

import · March 10, 2005, 4:57pm

Re: Ray Need Your Help - Posted by ray@lcorn

Posted by ray@lcorn on March 10, 2005 at 17:57:37:

Mark,

Sounds like you’re either talking to the wrong banks, or the wrong person in the bank. Development loans are generally the local banks’ strong suit.

It depends on the size of the project as to which type of bank is the right one to approach. The mega-banks (BoA, Wachovia, etc.) are generally not the types of banks that developers use for small projects (

import · March 19, 2005, 5:58pm

Re: Ray Need Your Help - Posted by marius

Posted by marius on March 19, 2005 at 18:58:01:

“(In the Southeast there are a couple of large regional banks that are hungry for real estate deals, but I’m not up to speed for other areas of the country.)”

Ray, would you mind mentioning them by name ?

Thanks !

Marius

P.S. How are you doing on the Comercial RE book ?