All Forum Posts by: Tom Gunnison

What's considered Luxury?

Robert Hatch is solid. 

Term? Points? Coupon?

That's awesome! Didn't realize we (Broadmark) would be featured as well. Great article.

Totally agree with the above. The fundamentals of all the in-fill Denver neighborhoods (especially the Highlands) seem to make long-term sense to me. We're doing quite a bit there now so I hope I'm right :). 

We finance spec/new construction but not in MN unfortunately. Without a track record, I'm guessing you're going to have to go the private or hard money route. Maybe not.

We do these deals at roughly 85% LTC (55% land/lot + 100% construction) at 10/3 for 12 months. 

More than happy to discuss what we look for when underwriting these types of deals. Send me pm if you want to discuss. Good luck!

@Vicki Gleitz Pueblo, Colorado a retirement mecca in 5-10 years? Maybe you'll be proven correct but that seems impossible to me. What's your thought process? 

I don't see an additional origination fee on top of the points being charged. I could've missed it. 

I agree with @Tom Spaeth -- get a longer term. You'll almost definitely have to extend beyond 6 months. Once you do, your money really starts to get expensive although still likely cheaper than any equity partner you'd be able to bring on board.

90% acquisition and 100% rehab is outstanding if you can get it. Doesn't seem prudent from a lending standpoint (assuming you can actually achieve those ratios inside of a 70% LTV(aluation) in your market). But, get it if you can get it.

Good luck.

Canyon Title's Downtown Office is great. Land is solid too.

Construction loans available in Colorado for all purposes. Max. loan amount currently $1mm. Will lend up to 65% ARV. Can close is less than a week.

Give me a call or respond to this ad if you're interested in discussing further.

Thanks,

Tom Gunnison
Broadmark Capital

VP Loan Originations