Second Position Notes with Large equity & High FICO Borrower.

[Erik Zimerman]

Greetings all. We own a portfolio of homes in the Miami area (Surfside, Miami Beach, Bay Harbour...). These are mostly new construction homes with a first position and plenty of equity. Values from $4 to $15 million each. We are interested in someone who can provide a second position loan of on some of these. We are a prime lender as far as credit worthiness, and there is plenty of equity. A lender that could go up to 80% LTV would be ideal, but even up to 65% would be useful for us in certain situations. We understand the rates might be somewhat higher for being a second position, that is ok with us.

Most lenders will just go through the motion of trying to refinance the entire position, even if they tell you otherwise at first. Are there folks out there, private money, that will provide second positions loans? Short term or long term? Thank you.