All Forum Posts by: Nathan Walker

Hello BP Community,

I am looking to update my lender list, and wanted to see if anyone knows of any commercial lenders/PE groups that lend specifically on self storage projects that have an appetite for development/construction projects in Texas. I appreciate your insights.

Thanks,   

Glad to hear that Ravi. Good luck on the project, thanks for sharing!

Hi @Ravi Karuturi

Lenders will look at your overall teams experience in executing on the project. Also they would like to see you have some skin in the game, which it sounds like you are working on. 

Regarding the LTC (loan to cost) this will vary depending on your funding source (bank, private equity, etc.). But the example you gave, I would estimate $3M as a good starting point for the project.

Your post liquidity also will be looked at as well.

I would recommend partnering with people that compliments areas you may not be strong at for your project. If this is for experience you may want to partner with someone that has completed several similar projects. Or, if you don't have experience managing a multifamily property post construction that could be something to look at. Same with your liquidity. This all helps, and goes into your sponsor/guarantor bio for the project which lenders almost always request this. 

You can network on here BP, local chamber of commerce, builder associations, join local meetup events to find like minded individuals to help find that partner. 

@Michael Vera, I just wrapped up a demo along with some of my colleagues with costar earlier this week. It hasn't been decided on whether or not my company will pull the trigger with them yet, but from what I gathered pricing will depend on what all you are looking to do as in the plan/subscription you choose. I read on another BP forum that the location also played a factor in pricing statewide vs nationwide. However, the post was from some time ago and not sure if costar's pricing still follows that. Like what @Adam Widder said check with your rep and see if there are other pricing options. Good luck, and keep us posted!

Hello Eve, I would love to help and give a free rate match with your current rental provider to see if I’d be able to add more value, while saving too. I’m with Farmers and my office is out of north okc on W Memorial road. I’m open to collaborating. Have a good evening!

Hey Jacob, if you still haven’t found an agent I would love to connect with you to offer some assistance. After addressing your needs, and questions getting a quote is the simple part. I’m open to collaborating.

Who are the top 3 most active residential real estate brokers/firms in the OKC Metro?

Hello Deborah, $1,000,000 worth of coverage is pretty standard. I am curious as to why that may be a hassle with your current insurance co. If you are handling multiple investment properties I can see how that may not sit well with you. You are already familiar with Oklahoma and the severity of its season at times, so being proactive by having sufficient coverage helps de-risk all of the property assets within your inventory.

Hey Heather, first of all I want to say that if you are looking into the Oklahoma City real estate market then you are making a really good choice! Many people are moving here because of the low cost of living, family friendly lifestyle, and stable workforce. To address some of your concerns Oklahoma does experience slightly more higher rates of disaster as compared to some other states and regions around the U.S. this includes tornadoes, hail, and more recently earthquakes. However don’t let this deter you because certain areas in the metro are ranked as the fastest growing cities like (Moore,Edmond). Your standard insurance policy will cover disasters such as tornadoes just make sure you have adequate coverage. As it will cover personal contents, and structure amongst others.Wind/Hail coverage can be configured as a percentage, or flat deductible. Earthquake coverage can be added as well. In terms of lowering coverage just make sure you focus on overall maintenance and upkeep of the property as newer quality, and durable materials can be a factor. Age of home does play a role depending on how old we are talking but you want to make sure the building is up to code,if you can. If not your coverage can adjust for that. Hopefully this does help and I wish you success on your future investments.

What are the top concerns real estate investors have in Oklahoma regarding insurance, and coverages?