This loan is for the refinance of 18 acres that are located at a prime location for retail development at the corner of FM 2243 and Bagdad Road in Leander, TX.. The property was purchased over 18 months ago for $1,500,000 from a single retired woman who is not in the real estate business. The contract was signed within weeks before the announcement of  the new HEB development one intersection down from the subject property and the announcement of the funds for the X Park being approved. The borrower’s have strong credit and financials and have an impeccable payment history with the bank loans they are currently servicing. The exit strategy is to sell the property or refinance within in the next 9-12 months into a construction loan.

This $2,900,000 ($14,500 per unit) loan request is for the refinance of a 200 unit multifamily complex in Waco, TX.

This $985,000, 12 month 1st lien loan is for the Commercial property at I-35 & Eckhart in Shertz just north of San Antonio. 
The borrower will come in with about $485,000 (cash in), in a showing of a strong financial commitment to this project. 
The +/- 9 Acre tract is located directly on I-35.  It is prime commercial real estate and there are several parties interested in purchasing
parcels/ pad-sites from the 9 Acres including at Hotel Operator, Dentist, and a Restaurant.  The Borrower will sell off several parcels and pay our loan off with the proceeds.  The borrower, Monty Merrill  is a Real Estate Investor and owns several businesses of his own.  Merrill has good credit and good cash-flow.  His exit strategy on this loan is to sell the property for profit.

This $1,396,800 loan is for the construction of an eight unit residential condominium building. The developer plans to build eight residential condo units in the North Campus sub-market of Austin. The borrower owns the land free & clear and is looking for a loan to develop Phase II of this project. Phase I (consisting of 18 units) was completed in 2007 and sold out in 11 months. Phase II is similar in characteristics and is expected to yield a higher return for the developer since the land is now owned outright.

This $399,000 loan request is for the complete redevelopment of a 16 unit multifamily property in Galveston, TX. The borrower acquired this property as a lender REO for $95,000 in December 2008. At the time of the acquisition the borrower paid cash for the property. Because the units are currently vacant and can not be occupied the construction will begin immediately after funding and the developer feels that construction will be completed within 4 months. With the number of available rental units (especially Section 8 approved units) on the island the borrower believes he will be at full occupancy
shortly after the completion of the project (approx. 6 months) making his exit strategy to refinance attainable through a FNMA loan.

This $95,000 bridge loan is for the cash-out of a partially renovated single family home in central Austin. Currently, the borrower is attempting to sell the property to re-coup a portion of their capital investment sought a bridge loan in the interim to help free up some working capital as they continue to market the property. The borrower is prepared to take a loss on their investment and sell the property “As-is” at a substantial discount to any other completed property in the neighborhood or surrounding sub-markets. p>

This is a $612,900 loan request for the rehab of an 8 unit detached condominium project in East Austin. The East Village Cottages project is a unique condominium development in an emerging East Austin neighborhood. The loan request is to payoff a first mortgage currently held by the seller and to finance the rehab of the 8 individual units as well as all the common area, roads, driveways, and landscaping. The borrower/developer plans to begin construction immediately after funding of the loan and have the units completed by late Spring 2009.

This $475,000 cash out loan is to be used towards the entitlements of the subject property (approx. $235,000) as well as a required equity injection by the borrower for another project near the University of Texas Campus (approx. $160,000). The entitlements are estimated to take approximately 9 months due to the complexity of the architectural design. Since the entitlements are expected to take longer
than the general time frame allotted for such work we are requesting a full 6 months of Interest Carry on this project. This will insure that the entitlements will be completed and still allows the borrower enough time to secure a construction loan to build his proposed 32 unit condominium building within our 12 month loan period.