Posted by richard norton on February 18, 2010 at 21:05:55:
In Reply to: list of questions that HMLs look for? posted by Christopher Harrison on February 15, 2010 at 15:44:15:
Hi Chris,
I'm a private lender...when qualifying a loan I need to know 5 things...
1. current NOI (net operating income)
2. projected NOI (pro forma)
3. sources and uses ...what will you do with the money
4. current debt structure
5. exit strategy
i don't need to have a 100 meg file with a bunch of useless information attached.
as a matter of fact I will delete those files before I even look at them...
I make loans on value plays based on current NOI not pro forma...
I just need to know projected NOI to give me an idea of any potential value and identify key events that can be injected into a project...
I will only make loans with qualified operator/ sponsor in place...
if you are new to this no worries just make sure you have one on your team...ie property management..
why a qualified operator? I don't want to have to be faced with foreclosing on a project, I just want my investment back...
if I need any more info I'll ask...
hope this helps..
cheers
richard
P.S. you can reach me @
www.windfallprivatefunding.com