About Remington Financial Group, Inc.
For the past 16 years, Remington Financial Group has successfully provided capital and financial services to experienced real estate owners and developers nationwide.
Remington's success is built upon well-established relationships with highly regarded domestic and foreign based capital sources (both private and institutional). Our vast lender network, combined with market expertise and a highly disciplined due diligence and transaction process, means clients benefit from integrated, seamless financing.
Remington works to provide customers with a clear picture of the status of their transaction, as well as any fees associated with the transaction throughout the due diligence process. We work proactively to identify and overcome challenges before they become barriers to a successful close.
Remington Financial Group offers a variety of creative financing options with highly competitive rates for conventional financing, bridge loans, construction loans and hard-money loans while delivering exceptional service throughout the financing process.
Representing clients exclusively, Remington carefully manages the formation of all capital levels so they are structured and tailored for each individual transaction. This process saves clients both money and time while greatly reducing transaction risk. Where other sources were unable to execute at all, RFG has repeatedly delivered refined capital solutions to complex transactions.
Remington Financial Group, Inc. - Has The Expertise To Navigate This Challenging Marketplace
RFG's expertise and market knowledge can help revitalize existing deals that may be at risk. Our firm's Advisory Services, as well as our comprehensive Financing Programs including origination, evaluation, transaction structuring, preparation and underwriting, negotiations and coordination of placement and closing processes.
Remington Financial Group's expert Advisory Services help clients carefully review and redesign transactions that may have existing financing challenges. RFG's team develops advanced strategies to create new and alternative financing opportunities that can help supplement or replace conventional lending sources.
Remington's borrowers gain the advantage of a comprehensive perspective from which to choose the widest range of financing products available because of the firm's access to the latest and most competitive capital sources on the market.
Remington Financial Group can also make introductions to capital sources that can meet the unique demands of specialty and challenging transactions. Companies that are currently restructuring or emerging from bankruptcy and are in need of recapitalization, or considering expansion through leveraged acquisition, will greatly benefit from our experience and insightful guidance through complex transactions.
Remington Financial - Recent Testimonials
When dealing with financial transactions, you need a company that has a proven track record, cares about their clients and understands the importance of each project. RFG not only possess these traits, they also provide many other attributes that make their organization one of the best in the business. I look forward to long and successful relationship with RFG.
- B. Owens
Because of its expertise with alternative financing, RFG is the only group that will look at certain projects - it doesn't shy away from challenging deals. I work with programs that no one else can work with and I can't do that without a company like RFG
- J. Couch
Recent Remington Financial Group, Inc. Closings
$7.2 MM - Apartment Complex, Interim & Bridge Financing - DC
$20 MM - Apartment Complex Acquisition, Advisory Services
$3.75 MM - Apartment Complex, Permanent / Acquisition Financing - TX
$2.4 MM - Title Equity Raise, 1000 Unit Apartment Complex Purchase - FL
$56 MM - Apartment Complex Acquisition, Investment Banking, Advisory
Services - FL
$3.6 MM - Apartment Complex, Permanent Refinance - TX
$4.1 MM - 24 Unit Apartment Building, Redevelopment Financing
$13 MM - Fully Occupied Apartment Complex, Refinance, 80% LTC - PA
$26 MM - Luxury Apartment Complex, Construction Debt - MI
$28 MM - 1100 Unit Apartment Complex, Permanent Financing - PA
$8 MM - 12 Town Homes, 80% LTC, 6 pre-sales, Construction Financing - FL
Remington Financial Group, Inc. - Access to Joint Venture Financing
Since its inception 15 years ago, Remington Financial Group (RFG) has increased its presence in the commercial real estate market. The company closed more than $900 million in client transactions in 2006, over $1 billion in 2007 and is on track to exceed that figure for 2008.
RFG provides a range of financing solutions including senior debt/equity financing, mezzanine/bridge loan financing, and joint venture (JV) financing. The company is open to providing construction loans, equity debt financing with up to 100 percent financing, hard money, interim bridge financing, up to 100 percent financing for franchises, seed capital, business loans without real estate, business investment capital, and up to 100 percent financing on land development.
RFG will consider financing any number of development projects, including apartments and mixed-use buildings, assisted care facilities, special purpose properties (such as car washes), hotels and motels, multi-dwelling units, mixed-use commercial properties, office buildings, and industrial and retail properties.
RFG is led by a team of real estate and financing veterans including principal Andrew Bogdanoff, who founded the company in 1993. Under his leadership, the company has experienced tremendous success and growth. Andy oversees all aspects of RFG's business. Mr. Bogdanoff launched his career in the financial business in 1971.
Remington Financial Group, Inc. - Joint Venture Due-Diligence Process
1. Submit Business Plan / Executive Summary
2. Pre-qualification determination process - project is reviewed and evaluated
resulting in:
- the project being accepted
- proposed revisions being issued for the project
- the project being declined
3. Lender / Investor conceptual interest is obtained along with projected terms
and the propsal is issued
4. Due-Diligence document checklist of typically requested data is prepared and
sent to client
5. Analysis of all documents, preparation and packaging of the data for
submission to designated lender/investor; formal due-diligence commences
6. Term Sheet/Conditional Commitment and/or Firm Commitment issued
7. After Term Sheet/Conditional Commitment and/or Firm Commitment are
accepted, a site visit and market analysis will commence
8. Closing / Capitalization / Funding
Remington Financial Group, Inc. - Recent Closings
$7.5 MM - Hotel Acquisition, Acquisition Financing - CT
$19 MM - Hotel, Bridge / Mezzanine Financing - NV
$4.5 MM - Hotel, Acquisition / Redevelopment Financing - MO
$6.4 MM - 130 Room Resort, Acquisition / Mezzanine Financing - MA
$7.8 MM - Hotel Construction, Construction Financing, 80% LTC
$130 MM - Luxury Hotel, Construction Financing, 90% LTC
$7.4 MM - Hotel, Acquisition / Redevelopment Financing
$22 MM - 375 Key Hotel, Floating Rate Acquisition - GA
$5.5 MM - Branded Hotel, Non-recourse Permanent Financing - VT
Remington Financial Group, Inc. - Joint Venture Financing
Remington Financial Group (RFG), a veteran investment banking firm, secures financing of $1 million and up for commercial real estate projects. RFG has a track record of delivering money for slightly unconventional developments or properties. The company can look past a property's immediate problems and help owners realize the full profit potential on their investments.
RFG is known for securing financing on extremely complex deals with incredibly fast turnaround times. The company was founded in 1993, and over the past 15 years, has grown because of its quick understanding of a client's financing objectives and its ability to move quickly with its lenders. In 2007, RFG closed more than $1 billion in client transactions, and the company in on track to exceed that figure for 2008.
Remington Financial Group is an entrepreneurial organization, and, although it is open to financing higher-risk projects, it usually requires developers or builders to have at least three years' experience. RFG also prefers to invest in projects located in strong markets, where sell-out or stabilization may occur within two years.
RFG's other financial solutions include second mortgages, mezzanine financing, bridge loans and long-term B-paper loans. RFG also finances many joint venture (JV) projects. Typically, RFG provides JV financing for condo developments and hospitality industry properties. The company can provide up to 100 percent financing on joint ventures on all types of properties. The loan to sell out value ratio ideally should not exceed 80 percent.
The company typically secures $1 million to $15 million in financing on joint venture projects. RFG has secured as much as $140 million on past JV developments, and it will consider financing up to $500 million on certain deals.
Since its inception 15 years ago, Remington Financial Group (RFG) has increased its presence in the commercial real estate market. The company closed more than $900 million in client transactions in 2006, over $1 billion in 2007 and is on track to exceed that figure for 2008.
RFG provides a range of financing solutions including senior debt/equity financing, mezzanine/bridge loan financing, and joint venture (JV) financing. The company is open to providing construction loans, equity debt financing with up to 100 percent financing, hard money, interim bridge financing, up to 100 percent financing for franchises, seed capital, business loans without real estate, business investment capital, and up to 100 percent financing on land development.
RFG will consider financing any number of development projects, including apartments and mixed-use buildings, assisted care facilities, special purpose properties (such as car washes), hotels and motels, multi-dwelling units, mixed-use commercial properties, office buildings, and industrial and retail properties.
RFG is led by a team of real estate and financing veterans including principal Andrew Bogdanoff, who founded the company in 1993. Under his leadership, the company has experienced tremendous success and growth. Andy oversees all aspects of RFG's business. Mr. Bogdanoff launched his career in the financial business in 1971.
Remington Financial Group, Inc. - Joint Venture Due-Diligence Process
1. Submit Business Plan / Executive Summary
2. Pre-qualification determination process - project is reviewed and evaluated
resulting in:
- the project being accepted
- proposed revisions being issued for the project
- the project being declined
3. Lender / Investor conceptual interest is obtained along with projected terms
and the propsal is issued
4. Due-Diligence document checklist of typically requested data is prepared and
sent to client
5. Analysis of all documents, preparation and packaging of the data for
submission to designated lender/investor; formal due-diligence commences
6. Term Sheet/Conditional Commitment and/or Firm Commitment issued
7. After Term Sheet/Conditional Commitment and/or Firm Commitment are
accepted, a site visit and market analysis will commence
8. Closing / Capitalization / Funding
Remington Financial Group, Inc. - Recent Closings
$4.7 MM - 600 Unit Planned Residential Land Development Community, Participating Acquisition & Development Financing - MD
$1.25 MM - Residential Community, Equity/Debt Acquisition & Development Financing - NC
$8 MM - 600 Acre Residential Master Planned Community, Equity/Debt
Financing - CA
$11.25 MM - Golf Course Fronting 128 Unit Luxury Townhouse Community, Equity/Debt Acquisition & Development Financing - NJ
$7.25 MM - Residential & Golf Course Community, Equity/Debt Acquisition & Development Financing - NC
$12.5 MM - 10 Acre Parcel slated for Multi-Family and Retail Development, Pre-development Land Financing - PA
About Remington Financial Hospitality.
The extensive success of Remington Financial Group (RFG) in securing hospitality-based financing stems from its well-established relationships with highly-regarded domestic and foreign based private and institutional capital sources. Our extensive lender network - combined with market expertise and a highly disciplined due diligence and transaction process - means our hospitality clients benefit from integrated financing.
Knowing that hoteliers and other hospitality professionals can't afford long periods of downtime, RFG works to streamline and expedite the process of securing funds. Additionally, throughout the due diligence and financing process, Remington seeks to provide customers with a clear picture of the status of their transaction and any costs associated with it. RFG proactively works to overcome obstacles before they become barriers to a successful close. Delivering exceptional service throughout the process, Remington offers a variety of creative financing options with highly competitive rates for:
Conventional financing | Hard-money loans | Bridge loans | Construction loans
Representing clients exclusively, Remington carefully manages the formation of all tiers of capital, so they are uniquely structured and tailored for every hospitality transaction. This process saves clients time and money while significantly reducing transaction risk. Time and again, Remington has delivered refined capital solutions to complex commercial real estate transactions, which other sources would not have considered.
When it comes to existing deals that may be at risk, Remington can also help revitalize them with our expert advisory services or assist with a comprehensive set of financing programs including origination, evaluation, transaction structuring, preparation and underwriting, negotiation and coordination of placement, and closing processes.
Remington Financial Group, Inc. - Hospitality Closings.
$58 Million 2200 Key Portfolio
One of Remington's most interesting and challenging deals was for one of the largest franchisees of a global hotel giant that spans six continents. The franchisee came to RFG to secure financing for a group of hotels with a total of 2,200 rooms located in Florida. From the beginning, Remington Financial Group faced seemingly insurmountable obstacles. Due primarily to their age, the hotels were unable to compete with newer properties going up nearby, and had drifted into bankruptcy. Moreover, the hotels were valued at only about $70 million, while they carried a first mortgage of about $100 million. On top of that, the hotels faced substantial and expensive environmental issues.
By the time Remington came aboard, the borrower was resigned to losing the property to the lender since no investment bank had been able to make headway for the borrower in more than 18 months of trying. Once on board, a bankruptcy court judge gave RFG just 30 days to submit a financial plan and to secure a pledge for funding.
Understanding that the lender did not wish to acquire the hotels as an asset, Remington Financial Group leveraged its solid relationship with the lender to arrange a deal that allowed the hotel owner to pay off the mortgage at a reduced rate. The reduced payout rate created a tax liability, which necessitated more funding to eliminate. Additionally, correcting the existing environmental issues required still more capital.
Remington was able to address the considerable needs of the property, while still keeping in mind the capital necessary for renovating the properties in order to make them competitive in their markets. Because of its experience funding unique properties and its strong lender relationships RFG was able to secure market rate non-recourse senior financing and participated in the mezzanine capital tier to provide a $58MM package of financing that allowed the borrower to retain 100 percent ownership in the properties and emerge from bankruptcy. The transaction closed in 45 days.
$5.5 Million Non-recourse Permanent Financing
A long time and repeat borrower of Remington once again selected RFG's permanent financing to refinance its name brand hotel in northern Vermont.
RFG competed with the borrower's options and won based on the extremely low rate it was able to secure along with other favorable terms such as low reserves and short time frame to close. This transaction was the seventh property financed by RFG over its long term relationship with the borrower which has been established on the borrower's confidence in RFG's execution and reliability. The financing was structured with a 10 year term, 30 year amortization and a fixed rate of 5.35 percent.
Remington Financial Group, Inc. - Available Hospitality Financing Programs
Senior Debt/Equity Financing
Mezzanine/Bridge Loan Financing
Joint Venture Financing
Multifamily
Remington Arranges
Specialized Financing For:
Remington Financial Group, Inc. - How RFG Can Help Your Financing Needs
The hotel business can present tough challenges for borrowers and lenders alike. It is not uncommon for hotels to require large amounts of capital for renovations, upgrades or expansions, while facing crucial downtime to fully implement those projects. Downtime in the hotel business often translates into lost or reduced revenues, which can impact the ability of a hotel property to secure financing in a timely fashion, or under favorable terms.
Remington Financial (RFG), a firm that specializes in commercial real estate investment, is a friend to the hospitality industry. Remington has a strong history of providing timely financing under favorable terms to hotels with challenging financing considerations.
Remington Financial Group has been at the vanguard in helping borrowers within the hospitality industry meet their needs by securing the financing for projects that are simply too risky or challenging for conventional lenders. Remington has been crucial in bringing financing to challenging projects across the United States. Some examples include:
RFG was the force behind securing nearly $6.5 million in acquisition and mezzanine financing for a 150-room hotel in Massachusetts owned by one of the leading hotel companies in the world.
Remington Financial Group helped a hotel brand with more than 1,300 locations throughout the United States, Canada, and Latin America secure $7 million in acquisition financing of two full-service hotels in Georgia.
A Las Vegas-based hotel and casino turned to Remington to procure acceptable terms on a $19 million bridge and mezzanine financing.
A 130-room New York hotel that is owned by one of the premier hospitality brands in the world found that RFG was the one who met its needs for the delivery of $13 million in construction financing for a much desired project.
When a full-service, 375-room hotel in Georgia that is owned by a brand known by travelers worldwide needed $22 million in floating rate acquisition financing, they turned to Remington Financial Group to get them the terms they needed.
When a real estate investment trust (REIT) and owner of nationally franchised mid-scale and upscale hotels needed to secure $23.5 million in permanent financing, only Remington could fund the loan under terms the REIT could happily accept.
For the $40 million in portfolio acquisition financing for its properties in Massachusetts, Washington D.C., Maryland, and New York, a large hotel investment company turned to RFG to secure the financing on time and under favorable terms.
To arrange for $56 million in recapitalization and mortgage refinancing for a portfolio of four hotels in Orlando, Florida, one of the world's top hotel companies turned to Remington Financial Group to provide the financing in a timely manner under terms that were agreeable.
When a major casino and resort hotel in Las Vegas, Nevada needed $19.5 million in senior and subordinate financing, it was Remington that delivered a finance package that the casino owners found both timely and acceptable.
Remington Financial Group, Inc. - Recent Hospitality Closing.
$3.5 Million 128 Room Hotel
Challenge - The borrowers had an extremely short time frame for closing due to an immediate cash requirement of $3,000,000 for pre development expenses on another project.
RFG's Solution - To accommodate the short time line RFG secured a conditional commitment on a 1 year bridge loan with two 6 month options for $3,500,000 at 6.25% with no prepayment penalty. RFG secured the commitment within 14 business days of origination and closed on the transaction in less than two weeks.
With the borrower's immediate needs addressed, RFG will now look to refinance the $3,500,000 loan, and presently has in place a conditional commitment through a more traditional financing source for $6,700,000.
$4.5 Million Bridge Loan
RFG was able to successfully secure a $4.5 million bridge loan to facilitate the acquisition, renovation, and re-branding of a 249-room full service hotel in Missouri from one of the world's top 15 hotel companies.
By the time Remington Financial Group joined the financing effort, 100 of the hotel's rooms were in such disrepair that they were inoperable, and the hotel had been forced to close due to a variety of electrical and mechanical issues.
The hotel was also facing foreclosure following a default on the first mortgage, and the owner needed rapid closure on the new loan.
Remington was able to quickly gain a solid grasp of the buyer's needs and to secure both a bridge loan and fresh equity financing in the amount of $4.5 million. RFG structured a mutually agreeable deal in which its investor took on a partnership role that allowed the borrower to refinance the existing loan and to direct capital to the renovation and reopening of the hotel property. The lender invested a total of $6 million over an 18 month period and the hotel was sold for over $12 million.
Remington Financial Group, Inc. is a leading investment banking firm looking to finance projects between $500k and $1B.
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