Lubbock, TX Hard Money Lenders
In the city that’s still often referred to as Llano Estacado by many of the over two hundred and fifty five thousand or so local residents, Lubbock, TX hard money lenders have been serving the city, proudly, efficiently, with the utmost of integrity, playing very important roles, contributing in very important and substantive ways to the furthering and the developing of the county seat, to the world class metro that it is today: the Hub City.
Lubbock, TX hard money lenders contribute in ways that most don’t actually realize. See, the big banks, they don’t have a product for every capitalization and financial situation, who does? And so, what you have here, with these lenders, is a credible solutions provider in the financial sector, that fills a gap, that tends to a demand in the market space that isn’t even being addressed by the bigger guys.
One of the biggest draws to Lubbock hard money solutions is that borrowers can actually be a part of the processes that put together loan agreement; forget about even having a say at the bigger banks; over there, you pretty have the option of boilerplate loan arrangement 1, or boilerplate loan arrangement 2, without any room for negotiation, whatsoever. And yet, you really won’t find hard money lenders in Lubbock boasting about this point. They’re there, and they capitalize projects, and they don’t make a big fuss about it; they don’t advertise these accomplishments very much over the TV, for example; you won’t find a hard money commercial loan broker boasting about his or her contributions to Hub City.
October 13th, 2010 at 9:42 pm
11 Story Office Building. 1208 14th Street Lubbock, Texas 79401
DATE: October 10, 2010
ADDRESS: 1208 – 14th Street Lubbock, Tx 79401
PROJECT: VIET-TEX INC
SIZE: 145,000 SqFt 11 story Building, Five level parking garage, and an open parking lot
BORROWER: VIET-TEX INC. Conformed by Hung Phuoc Nguyen
APPRAISED VALUE: $1,750,000.00
SALES PRICE: $500,000.00
LOAN AMOUNT: $250,000.00
REQUEST: Borrowers request 50% LTC and 22% LTV, gross building area of 145,138 square feet, conformed of The Omni Centre which is improve with an 11-story multi-tenant office building and annex; five level parking garage; and an open parking lot. Located at 1208 – 14th Street Lubbock, Texas 79401.
CONSIDERATIONS: The subject property is located in a premium downtown location in Lubbock. Borrower has $100,000.00 in Earnest Money, and $50,000.00 in repairs.
EXIT STRATEGY: The Buyer is planning to renovate the 11-story building, lease it to the highest capacity, and then list the building in the market for sale.