All Forum Posts by: Percy N.

Kunal, I don’t know who the syndicator is but I can probably say with a high degree of confidence that most syndications will give the LP investors limited rights. That is the nature

Of syndications. However there are a few rights that the LP investors should have in order to protect their capital. This includes being able to replace the manager under certain circumstances.

What are the main questions on your mind?

Send me a message if you would like me to take a quick look at it and compare it to the syndications I have invested in and sponsored myself.

Great event and I highly recommend it.

Good opportunity to meet some folks in person.

Make sure you say Hi to @Ashley Wilson , she is pretty smart and talented

Check with a lawyer, but I would make the LLC the property manager and have an agreement indemnifying the owner (you).

@Marc Cesar - what type of property? How many units? What class? Etc

@Steven Hellinger , if the lender is asking for it then it is essentially out of your hands and it should be presented to the seller as such. 

Tell them you really like to close but the bank wants these items satisfied.

@Steven Hellinger , if the lender is asking for it then it is essentially out of your hands and it should be presented to the seller as such. 

Tell them you really like to close but the bank wants these items satisfied.

@Noah Zelko , what is the loan amount you seek?

Local banks that fund development projects on their own balance sheet are your best bet.

Ideally, you want a non-recourse loan. However, you may need to bring in someone to guarantee project completion, etc. 

Bridge lenders look for about 50% NW and 5-10% liquidity.

@Steven Hellinger , ask for a reduction to address the "deferred" maintenance items.

You can also highlight items the lender would want fixed.

Worst they can say is no. You then make the decision to proceed or not.

Show some flexibility in terms of closing date, etc.

@Bryan Thomas , in addition to the above, I would also look at Resman, it is a completely web based PM tool which is less expensive than the competition.

@Dan Handford, we closed 2 deals and have a 3rd scheduled to close soon (waiting on lender). If the 3rd one closes, that will be 812 units. We have another 290 units which just went under contract, but that won't close until early next year. Thanks for all the support from BP and people like @brianburke and you Dan, who share their time and expertise.