If you have a limited partnership that needs real estate mortgage financing for a project you’re either planning or in the middle of, you likely already know that this type of financing is not everyone’s cup of tea.
Many mortgage lenders, including several of the majors will either not be interested at all, or put you through an exhaustive application process that’s not guaranteed by any stretch to go anywhere.
That being said, there are mortgage lenders that do these deals and I work with with a number of them. Obviously lender interest is going to be based on location, project type, business plan, exit strategy, equity investment, builder profile, and the general partner’s resume.
Like any type of commercial mortgage project, its important to focus your efforts on relevant mortgage lenders that are going to be the best suited for your deal, time line, and business requirements. Spending time talking to the wrong lenders can lead to a massive waste of time and potential project delays.
The benefits of working through an experienced mortgage broker that has access to these types of lenders is not only in the sourcing of relevant options, but also in getting the commitment in place, and working along side the principles during the mortgage administration process to help manage through any issues that may arise with draw advances and lender requirements.
Alternatively, you can waste a great deal of time trying to figure all this out yourself or working with mortgage brokers or agents that are out of their element when trying to deal with limited partnership mortgage financing requests.
If you have a project you’re planning or in the middle of, I would that you give me call so I can quickly assess your situation and requirements. If I can come up with relevant mortgage financing options, I will provide them for your consideration and you can decide if any of them are worth pursuing with me and my team. Alternatively, if I don’t have a highly relevant mortgage financing source available, I’ll tell you right away so that I don’t waste your time.