Christopher Hills, Managing Dir. Commercial Lending

Needed Fractured Condos

We have fund that has a simple request…..”WE WANT FRACTURED CONDOS”. Now I’m sure the next question you have is, what is a fractured condo? In this particular case, the fund defines a fractured condo as a condominium development projects that was completed, units were selling….then the market disappeared. Options are limited for the original developer or a bank stuck in this unfortunate position.

Currently the fund is looking for nationwide buying opportunities. I can give a recent example. In the southeast, a 200-unit high-rise condo project was completed. 50% of the units were sold and closed. The market shifted, loan options to end buyers shifted, and the builder was left with 100 unsold condos. In this particular case, the bank who has first lien position at $40 million was also under pressure from the FDIC to liquidate part of it’s portfolio.

The fund offered to buy out the developers position. Yes the developer lost the original cash invested, however they walked away from $40 million of debt and a lot of headaches. The fund then negotiated a discount with the bank to acquire the property for approximately $20 million.

REO Program Highlights

In-Vision Financial Holdings is pleased to announce an REO lending program provided by one of our private direct investors. The program in essence functions like a blanket loan across an REO portfolio. The basic parameters are as follows:

• Residential: Single Family or Condominium.
• Small to Midsize REO Portfolios.
• Target 60% of Note. For Example: If an client is purchasing an REO portfolio for $10 million, the client needs to invest $4 million, and our investor will provide a loan for the balance of $6 million.
• The target loan size per residential property in the portfolio should be $150-250 thousand. This will ensure rent rates can support each individual property.
• Target loan size per portfolio is $5-8 million.
• Purchase or Refinance.

If you have questions please feel free to call

>We pleased to announce the High End Residential program provided by one of our private direct investors. This program offers purchase, construction and refinance options for super jumbo residential. The basic parameters are as follows:

• Loan Amounts from $2-40 million permanent loans.
• Loan Amounts up to $10 million for SFR Construction.
• Single Family only.
• Permanent Loans in the 5.5% plus range to 70% LTV. (Submit for an exact rate quote)
• Purchase or Refinance ok.
• Loan Approval based on strength of borrower and liquidity.
• Full Doc Income.
• Not Fico Driven (credit issues with logical explanation is ok)
• Construction Loans up to 65% LTV.
• Construction Loans 12-24 month term, interest only, no PPP.
  
• Rates very Competitive