Let's say you can get senior debt at 60% LTV....you need to fill the rest of the bucket for financing, capital improvements, FF&E, and any PIPS specifically required by the brand.

Most people blame the politicians for Detroits demise but the citizens are who are responsible for their neighborhoods and home upkeep.

Andy insurance has been a big pain in the butt on these types of deals for me.What I have found is these options.1.Add as an additional insured - Usually this is fine for the first year then upon renewal insurance company says you can't be on policy or have the seller financed you has to be primary.So adding me as secondary when I hold title or me having a policy but they are secondary who financed me but has the senior loan is the problem.2.You can get an additional policy which cost money as you mentioned above in addition to the seller who financed you's policy they have.

As a senior in high school I got into the mortgage industry as a junior loan officer and fell in love with the atmosphere of my work place, the money I was making, and the fact that I was helping others achieve their goals.

Generally, I've found that seniors respond better to handwritten letters and younger, professionals respond better to professional letters.  

This would be the plan to distribute the payments:Distributable proceeds from operating cash flow and capital events are to be distributed in order as follows: 1 - Senior debt service payments2 - Then, to all deal-level investors pro-rata and pari-passu until such investors have earned a 9.0% annual preferred return (compounded to the extent unpaid)3 - Then, to deal-level investors until their initial capital balance has been reduced to zero;4 - Then, 25.0% to the Sponsor and 75.0% to deal-level investors until such investors have earned a 19.0% annual internal rate of return (IRR) (compounded annually)5 - Then, 50.0% to Sponsor and 50.0% to deal-level investors

I'm always in favor of getting rid of any tenants that may think they have seniority over you.

Senior lien was about $165M.

I have a tenet in Michigan that called yesterday to say she got accepted into senior housing.

Hey Zach,I am about to enter my senior year in University and have pondered over this exact situation.