Greetings,
Springtime is finally starting to reach lovely Minneapolis, MN. In keeping with tradition of the Mid-West mentality, you must always mention the weather at least ONE time in any conversation.
FYI: This is the first official Blog for Uptown Financial Corp. We specialize in Financing Solutions for Residential, Commercial and International Properties/Projects. We are currently working with projects as diverse as Landfills, Alternative Energy, Resorts, Commercial Buildings and the everday Single Family Residences Worldwide----although Minneapolis, Brainerd Lakes area, Minnesota and Costa Rica are the current focal points on this front.
For Residential markets, we are networked with specialists in the areas of First Time Home Buyer Programs, High Net Worth Client platforms, and Vacation Home Purchases and Refinances.
The focus of this blog is on a Development Financing Platform for the USA, Costa Rica, Latin America and Globally.
It is a 10/100 financing structure.
A general outline of the 10/100 program follows:
If the file is complete, with the 10% escrow (Liquidity/Equity), all permits, etc., we can normally bring it to the closing table within 45 days of Proof of Funds. The funds would be deposited in the third party Escrow Account at time of signing of the LOC.
Interest Rate: 90 Day Libor plus 1% to 2%.
Amortization: Interest Only/Accrual during construction phase
Term: 60 months.
Will take to 15/20 yearsperm at same rate
Prepayment Penalty: None
Loan to Cost (LTC): 100%
Funding Reserve: 10%
Binder Fee: $1,500.00
Construction Draws: Typically 24, 36, or 48 MonthsClosing:
At closing, there are five (5) parts of the first draw:
1. First Construction Draw
2. The 10% Funding Reserve Account ifleveraged against the project
3. Soft Costs for the project
4. Broker and Lender Fee's (4%)
5. Five percent (5%) for unanticipated costs to Developer
This is the basic outline of the program and is a great funding platform for Domestic USA Developments, Costa Rica, Panama, Brazil, Belize, and Beyond. Currently, we continue to focus on USA and Latin America projects, but do have our sights on strategic expansion on a Global Frontier.
We here at Uptown Financial Corp, in Sunny Minneapolis, MN would love to help any project seek out their ideal partner for their project---whether it be with the 10/100 program, traditional financing, or via a JV partner!!!
Contact us today!
Ben Coulter
Uptown Financial Corp.
Founder/CEO
612-216-1388
http://www.UptownFinancial.com/
Finance@UptownFinancial.com
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