Need financing for commercial real estate---Mostly credit tenants

[Ben Ennis]

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Need financing for commercial real estate---mostly credit tenants

• Posted by Ben Ennis on June 28, 2013 at 6:52pm in Request Funding
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I have been in the commercial real estate development business for 35 years.  We have lots of prime real estate such as 4 buildings leased to banks, a number of fast foods in prime locations, offices, etc.  In 2005 I signed a line of credit for my son's large home building business.  He was building 600-1000 homes per year.  I had a 50% interest in the company but sold my interest to him in 2006 as he wanted to get larger and I wanted to be more diversified.  With all the banks combined, he had around $80,000,000 in an operating line of credit.  I quit signing on all of the bank documents and thought that I was completely free from any of the home building loans.  One of the banks had did modifications 10-12 times on the line of credit and I was under the impression that the modifications relieved me of any further obligation as I did not sign on them.  The court ruled that as long as the line of credit was not increased, I was liable.  It was one of the big 3 banks and they forced me into personal bankruptcy and attacked me with a full frontal assault.  I am now discharged from bankruptcy and we are in the process of repurchasing our properties as our basis is very low in all of them and so they have to deduct the taxes that would have had to have been paid and an 8% marketing fee.  On most of the properties, that puts us at about 50% of market value.  We have not had a late payment before or during bankruptcy except for some shopping centers that the banks agreed to take back as they were new and not completely leased, therefore, they were not cash flowing.  We are very active in our Church and our Church college has comitted $6,000,000 and are not even asking for appraisals as they know me and my reputation.  We need about another $3-4,000,000 to repurchase the balance of the properties.  We would really like to work with a lender that would provide us with long term take out financing in 18 months as well as the funds to exit bankruptcy.  Our Church college is providing fianancing at 8% with no points and no appraisals.  We realize that is a unique situation but our threshhold is 10% or less, maximum of 2 points, amortized and no pre-payment charges.  And of course, the plum would be that they could get the take out financing on $9-10,000,000 but we would need to put a ceiling on what we would pay or buy a comittment at this time.  We have a long list of achievements such as my being inducted into the California Builders Hall of Fame, Man of the Decade by our local chapter, California medium size business of the year, Contributor of the Year for California Community Colleges (Disney was second), and the list goes on.  Bottom line is that we have a great portfolio, did not go into bankruptcy because of bad business practices on our part, and the properties will have a healthy cash flow even after we repurchase them.  If you can help us by meeting or doing better than our above requirements, please contact us.  If you want upfront fees, you are not the type of lender we are looking for.  We would welcome you to contact our bank, the local Chamber of Commerce, Commercial Brokers, etc. to check our reputation.  Contact Ennis Commercial Properties.  Pam Ennis at 559 782-6000 ext 105 or Ben Ennis at ext 104.  If we find that we are compatible, we will give our cell phone #'s to you after our first conversation.  Sorry to sound a little bit arrogant, but we are not your average bankruptcy client and we have only talked to a couple of brokers and have found that their agenda was such that they talked a good story but when it got down to performing, they just wanted the information to put out to multiple brokers.  You will find that we have documents that will provide you with the information that you need without wasting your time

Thank you