Forum Replies Created
-
AuthorPosts
-
evolusd
ParticipantI work for a commercial bank that has an active custom home construction department with a variety of residential land, construction and construction to perm programs. Nothing that rolls into a 30Y fixed, but you can roll into a 10Y and its fixed from closing (ie: through the construction period).
PM me if you’d like me to have them contact you.
Participantflu – our commercial property loans are typically sized to the cash flow generated by the property, subject to a maximum 65/70% LTV. A good starting point would be a debt yield of 12%. My guess is your property is triple net, so take your NNN rent and divide it by .12. This should get you an approximate amount you could borrow (obviously depending on credit characteristics including who the corporate tenant is, when the lease expires, where the property is, etc).
We are almost always a recourse lender above 50% LTV, so you and/or your family would need to personally guaranty the loan.
Typically terms are up to ten years with a 25-year amortization. You can get variable or fixed rate financing, but the spread above the corresponding LIBOR/Swap rate will increase the longer fixed you go. Spreads above LIBOR/Swap will range from 3% to 4.5% depending on the deal.
Hope this helps. If you’d like me to take a closer look at the specifics, send me a PM.
Participant[quote=spdrun]Android. Unlike iOS, it doesn’t come crippled out of the box, and you don’t have some prudish f*cks in Palo Alto telling you what apps you’re allowed to install on your own damn device.
Steve Jobs = inventor of computing as a prison, glad he’s gone. (to quote Stallman)[/quote]
‘Glad he’s gone’ – What an a-hole you are. You reiterate a hateful message about Jobs and how you’re glad he’s dead, a guy who designed something that appeals to the masses due to its efficiency and stability, yet you hate it because you’re some techie nerd that spends hours by yourself hacking and ‘customizing’.
In my opinion, the iPhone is the perfect choice for someone that has never had a smartphone before. Simple, intuitive, does what you want it to do every time.
I’m fairly technically savvy, and regret the day I switched from iPhone to Android. Will be going back when iPhone 5 comes out.
ParticipantIt’s a negative amortization bond! Must have been underwritten by Indymac.
Participant[quote=flu]I think it’s more they are just trying to extort as much fees as possible from customers since everyone else is doing that these days… Just look at the stunt Verizon Wireless tried to do yesterday with the $2 fees, and then them backpedaling today…
At any rate. I ended up keeping two accounts.
1. Charles Schwab Bank + Charles Schwab Brokerage. I love the convenience of using mobile deposits and accessing any ATM anywhere for free.
2. Wells Fargo Bank: I kept them only because I have my mortgage serviced by them. And as a result, I’m part of this thing called a “PMA account”…Which makes almost everything free.. I get 1000 free trades each year from the Wells Fargo Brokerage account, and I never need to pay for a bank check, plus most of the minimum balances and monthly fees are waived.
I open and close a chase account every so often… Mainly because I hate them, and want to take advantage of the $150-250 credit they give offer each time, since I hate them so much.[/quote]
I’m with flu – Schwab is the best for free checking and brokerage. I’m hoping that party doesn’t end soon.
All of the banks have tons of liquidity that is not earning interest to cover FDIC insurance and operating overhead. We are all fighting for the few good deals out there, causing margins to thin on the deals we actually fund. I think the fees you’re seeing are going to be across the board as banks try to find ways other than loan growth to increase profitability.
ParticipantThanks, all. Finally, the metrics just worked and we could afford a home that we love and can stay in forever if need be. Gotta say – it feels pretty good. Now lets all pray really frequently for NO EARTHQUAKES. 😉
Participant[quote=captcha]How is Boxee better than Roku or Apple TV?[/quote]
People argue about which is best. I like this one b/c it has a web browser so you can get anything and everything out there.
ParticipantCost is a key factor for me – this seems like a relatively inexpensive way to go with most of the functionality I’m looking for.
Thanks for the feedback!
Participant[quote=montana]Just on my street only, which was built out in 2006, only 1/3 of the original homeowners remain. Both my neighbor and I pick up what we believe were incredible deals on short sales when looking at the price per square foot. After factoring in the present value of future mello roos payments, we still purchased well below the then current (and now) market value of the homes that sold without taking into account the present value of future mello roos payments.
I think there are still a number of people that will walk away, I just think that the majority have already done so in SEH.[/quote]
Montana – I’m curious. Where do you get information on the specifics of the bond to calculate the PV of the payments?
That’s a good way to compare the new homes with no MR to the existing resales that have MR.
Participant[quote=permabear]I know several different people that live in San Elijo. As a general comment, they are positive on the area and neighborhood feel.
BUT – they have also said the foreclosure situation has had a drastic impact up there. Lots of foreclosures, vacant houses, people walking away, etc.
You may want to look around for an REO if you haven’t already. Buying situation aside, though, people like the area.
Good luck in your purchase.[/quote]
I’ve been waiting for the foreclosure tsunami to crush prices for years – just not convinced anymore and am basically throwing in the towel. I’ve checked out some short sale and REO listings, but most of the previous developments have lower prices offset by mello-roos and smaller lots.
I did a RealtyTrac free trial and there are 65-70 ‘foreclosures’ which includes NOD, NOT and bank-owned and 30-35 active equity listings.
As the project is approximately 75% builtout with about 2,500 total homes, this equates to <3% of the homes in some form of distress. While likely a higher % than older neighborhoods, that doesn't seem that high to me.
Am I missing something? Of course, there could be more in the future and that % could go up.
Thanks for your thoughts, everyone!
ParticipantOne benefit of the meltdown- less Hummer H2s on the road. Those things were the epitome of excess.
October 5, 2011 at 12:59 PM in reply to: It’s going to get much worse…there is no escape (ECRI) #730107Participant[quote=briansd1][quote=evolusd]
I agree completely – there wasn’t much anyone could do to turn the ship to avoid the financial glacier we were approaching. What irks me the most is how the people and firms that caused the most harm from their greed and short-sightedness were the ones that got the most bailout funds/government assistance. The moral hazard caused by this will haunt us for years to come.They should have allocated the bailout funds to the people and institutions that DID NOT act irresponsibly – reward the GOOD behavior of the fiscally conservative. Let us reap the benefits of acting responsible through a period when everyone was going nuts![/quote]
evolusd, you have to consider that Wall Street is such a central, systemic component of our economic system that not bailing out Wall Street was not an option.
Of course, the government could have acted differently with regard to individual executives.
Even a bailout of European governments will mean a bailout of Wall Street because of Wall Street’s exposure.
http://robertreich.org/post/11033625495So I think that that bailing out the financial system was necessary. And overtime, it will be necessary to tax that system for the past bailouts and future bailouts.
The irony, evolusd is that good behavior does not need bailouts. What we need to do now is directly provide jobs to the people who don’t have jobs because the financial bailouts are not trickling down to jobs for the umemployed.[/quote]
I completely understand the systematic risk of the finanial system. However, I feel they should have put the worst offenders (AIG, GM, etc) through an orderly liquidation and provided cheap or government-backed financing to the RESPONSIBLE competitors that still had strong balance sheets to purchase the assets of the dogs.
Sure, it would have obviously been at discounted prices, but at least the smart companies would have then grown to be powerhouses and the idiots that led us into the hole would have been dissolved. They way they went about it made those dogs bigger than they were before!
October 5, 2011 at 9:24 AM in reply to: It’s going to get much worse…there is no escape (ECRI) #730080Participant[quote=earlyretirement]I’m no Obama fan but the truth of the matter is that it wouldn’t have mattered if a Republican, Democrat or Independent was the President the past couple of years. Everything playing out now and the past few years were things set in motion already. VERY little of it could have been changed off it’s course.
I do think Obama could have done some things differently but he couldn’t really have changed the destiny of all the horrible things going on in the economy and the fallout from years of “sins” from Wall Street.
That’s just the plain truth.[/quote]
I agree completely – there wasn’t much anyone could do to turn the ship to avoid the financial glacier we were approaching. What irks me the most is how the people and firms that caused the most harm from their greed and short-sightedness were the ones that got the most bailout funds/government assistance. The moral hazard caused by this will haunt us for years to come.
They should have allocated the bailout funds to the people and institutions that DID NOT act irresponsibly – reward the GOOD behavior of the fiscally conservative. Let us reap the benefits of acting responsible through a period when everyone was going nuts!
ParticipantI have a good friend who is a multi-family broker for CBRE – he’d definitely have some rental rate information specific to San Diego and possibly LA also. If you’re a potential buyer, I’m sure he’d be willing to provide you the info with hope he can sell you a property down the road.
PM me if you’re interested and I’ll send you his contact info.
-
AuthorPosts
