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Optimizing Your PFS Submission To Your Lender

Sunday, January 05

I just finished re-reading Ray Alcorn's "Dealmakers Guide To Commercial Real Estate" chapter on your personal financial statements; or PFS. This is really the only helpful guide I have found in hundreds of books on real estate for this subject. He obviously has a lot of real world experience ...


Unsecured Business Lines Available Again

Thursday, January 02

I am fairly close to closing what has been all-but-nonexistent for a stretch of time post the mortgage crisis. It appears banks are now doing unsecured business lines of credit again. They generally want to start out with smaller lines and grow them over time, but several local investors are ...


Blind Pool Versus Single-Project Syndications

Wednesday, January 01

We have been actively raising money into a blind pool for several years now and it is becoming increasingly clear that it is much easier to locate investors and sell them on a specific investment instead. In general the hierarchy seems to be (from most difficult to least for equity): 1. Ac...


Contingent Liabilities - The Art Of Disclosure On Your PFS

Sunday, December 29

With all of the projects we have been working on lately the proper disclosure for our construction loans outstanding has become quite the challenge. We don't want to give a false impression of our current pipeline to lenders, but we don't want to scare them to death either. A lot of uncertain...


The Art Of Construction Loans With Expensive Dirt

Sunday, December 29

It has been a while since I had the time to blog so I figured I would give it a shot to dust off my writing skills a bit during the long holiday. 2013 has been an unbelievably busy year and I am hoping 2014 will be even busier. This year we have learned to perfect our pitch to construction ...


The ABOR Balance Of Power Shift

Monday, December 19

One of the things I used to preach consistently to my old coaching students was that contracts have very little meaning if they are below a certain dollar amount. This proved to be the case this week when I had a lot transaction where my funds were stuck in escrow because of a screw-up by the se...