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ARCS' Troy Office Closes $409 Million for MHCs in 2004 ARCS Commercial Mortgage Co., L.P., announced the closing of more than $409 million by their Troy, MI office, a figure which represents 40 loans in 8 states. The loans were originated by ARCS' Manufactured Housing Community (MHC) specialist, Lou Vela, through Fannie Mae's MHC loan product, credit facilities, and ARCS Capital Markets Group. “2004 was a great year for our customers,” said Vela. “They continued to benefit from low rates and creative financing solutions from ARCS and Fannie Mae. With flexible terms, interest only, supplemental loans and future earn outs, our customers got exactly what they needed at the price they wanted to pay.” ARCS customers are likely to see further benefits in 2005 from ARCS and Fannie Mae with the roll out of the widely anticipated Structured ARM (Adjustable Rate Mortgage) product in February. The Structured ARM delivers the same extraordinary savings that the DMBS (Discounted Mortgage Backed Security)is known for, in a simpler, streamlined ARM vehicle. And just days after the program became available, ARCS became the first to lock one... a 430-unit property in Los Angeles got $44.343 million at just 3.3675%. The Structured ARM offers flexible terms, supplemental financing and options for interest only as well as conversion to fixed. Standard multifamily and manufactured housing communities qualify; senior and student housing is considered on a case by case basis. Call Lou Vela today. This is your call to ARMs. ARCS is one of America's leading multifamily lenders, capable of providing Fannie Mae, FHA, capital markets financing, and mezz and bridge as well. In 2004, ARCS provided over $2 billion for 224 properties nationwide, becoming Fannie Mae's #1 DUS Lender for the 8th time in the past 9 years. The company now services a portfolio valued at over $12.8 billion, representing more than $1,800 loans across 39 states. |
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Year after year, IMI has been America's #1 Fannie Mae DUSlender. And year after year, borrowers return to IMI for their financing needs. Despite a challenging environment, last year was no different. We provided 250 borrowers with creative thinking, certainty of execution, extraordinary customer service, and more than $2 billion to meet their most rigorous financial and timing needs. I'm proud to have played a part in that accomplishment, and invite you to view a sampling of our transactions. Then call me. |
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The sound of lenders could be heard throughout the land. Too much money chasing to few deals. But for borrowers, 2006 was a love song. Creativity and flexibility increased, while rates crept up only a little. For IMI, the challenges were occasionally nerve-wracking, always exhilarating. And through it all we proved 308 borrowers with $2,132,563,771. Just look at a sampling of loans I provided. Some may be similar to projects you have in the works. March forward and call me to discuss. You won't sing the blues. |
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Green Tree Ink Community Lending Group Closes Complex Translation in 45 Days Manufactured Home Community Owner/Developers Mark and Freddi Sanderson had a deadline to meet. The Sanderson's bank (and other lenders) were interested in providing the multi-million dollar financial package for the refinancing/acquisition and development of two manufactured home communities in Florida, but wouldn't promise to close in time to meet a government deadline the Sandersons were up against for completing a tax-deferred transaction. Mark and Freddi had learned about Green Tree's community lending program through a real estate agent specializing in the manufactured housing industry. The call to Green Tree and Lou Vela, Director of Manufactured Housing Communities Financing gave the Sandersons a good feeling about working with Lou and about Green Tree's ability to complete the finance transaction and to meet the fast approaching government deadline.
“After talking with Lou, we learned we had a couple of common links, we both have children attending Harvard's Business School, and we both felt an urgency to complete this financial transaction within the deadline we were facing,” Mark said of Lou's thoroughness in getting to know them and their financial needs. “I've been borrowing money for 30 years. And it doesn’t matter if you're a consumer requesting a loan or a businessperson, you want to talk to the decision maker. Most people are frustrated with lenders today because of all the layers tat have creeped into the lending process. I was impressed that I could talk directly with Lou and Jerry Britton, Executive Vice President, and get the answers I needed. Green Tree has a sense of what's going on in the manufactured housing industry that other lenders just don't have, and they give you access to the people who can make your transaction happen”. The Communities Green Tree Financial Corporation provided the Sandersons with $24,660,000 in a refinancing/acquisition/development package for two luxury, resort-style manufactured home communities, Heron Cay and Vero Palm Estates. These adult manufactured home communities consist of 882 home sites and are located in Vero Beach, Florida. The Rush The Sanderson's needed to close on the communities' financing in order to complete a tax-deferred exchange transaction. They “Shopped” the loan and couldn't find a lender who could accomplish the complex transaction before the government deadline. The Transaction Green Tree counsel David Bernstein structured the loan documentation to save the Sanderson's transaction costs through the use of an assignment, future advance and consolidation of existing loan documents. The loans were then cross-collateralized to satisfy acceptable industry dent-service coverage levels. The financing also included an earn out provision of $20,000 per each additional home site built and leased, up to $2.66 million. “Let's Do It Again” Green Tree delivered. “All I can day is let's find another deal and do it again... working with people who understand the business and who can make decisions is so refreshing; 99% of lending institutions toady have so many layers that its frustrating to do business with them,” Mark added. “Making things happen for customers, whether it's meeting a special deadline or a complex financing request, is helping us carve our niche in this segment of the real estate market,” Lou said. “I'm glad it worked out for the Sanderson's. And, yes, I'm ready to 'do it again,' too.”
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Marketplace MH Industry Now Gets Fannie Mae Rates and Reliability Luis Vela has joined ARCS Commercial Mortgage as their VP for the MH industry, and with interest rates their lowest in 25 years, Fannie Mae advantages, and Lou's know-how, community owners have a unique refinancing opportunity. Don't let this window of opportunity close! Fannie Mae can now provide MH community owners the same advantages they’ve been giving apartment house owners for years. The explosive combination of ARCS' strength and expertise in lending, coupled with Luis Vela's long experience in the MH community world, and his personalized creative financing service, equals a “run, don't walk green light” for community refinancing. ARCS is Fannie Mae's #1 DUS multifamily lender, the #1 Fannie Mae DUS multifamily lender, the #1 Fannie Mae affordable housing lender, and one of Freddie Mac's Top 5 Program Plus Lenders for 2000, as well. Vela heads the Detroit, MI office for ARCS Commercial Mortgage, & is visiting 4 & 5 star communities, the only ones eligible for loan consideration. “The fixed 10-year rate is below 6.8 to 7 percent, & the ARM rate is between 5.3& 5.6 percent right now for a 5 year term, depending on the quality & age of your community,” said Vela. Vela points out multiple advantages for multi-community owner who is not already saddled with a Wall Street conduit loan. (Those unlucky owners are locked into a 10 year term where they aren't allowed to borrow additional funds.) Fannie Mae & ARCS fortunately understand the developer's goals and need for flexibility. In addition to all-time great rates, ARCS relationship with Fannie Mae allows owners to place subordinate financing on a community. After the first year, owners can in effect have an earn out loan and borrow additional money where needed, as net operating income (NOI) goes up - a no-no when working through Wall Street conduits. Working with Vela and ARCS, you have the flexibility for future expansion, or adding to your portfolio of properties nationwide.
ARCS is making community loans from
$2 to 100 million. “we are running 30 to 50 basis (BPS) points less
in interest rates than Wall Street conduit lenders,” said Vela. “Our
goal is a 45 to 90 day close. We service our own loans.” Last year,
ARCS originated and closed 1.78 billion dollars in multi-family
loans – this year, they did the same in the first 7 months! Today,
ARCS services more than $8 billion. Talk to Lou: 4 and 5 star, over 55 adult and family communities Amortization of 25-30 years Loan terms of 5,7,10,15,18,20,25, and 30 years LTV of 75 to 80% A one time transfer (assumability clause) Yield maintenance required with a minimum of a 1% prepayment fee DSC of 1.25 Non-recourse loans ARCS expects to close more than $3 billion by the end of 2001. Are you going to take this green light? Call Today Luis F. Vela, VP/ Detroit Office ARCS Commercial Mortgage
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Anatomy of Multi-Community Real
Estate Financing Keeping the financial process simple requires a straightforward plan and professional execution. Kane Ditto of Homewood Company found that although his request for financing included nine separate properties, the process went smoothly because Green Tree laid out the evaluation and review process and communicated openly with him throughout the transaction. “We believe in mapping and fast-tracking, as time is of the essence in these types of multiple transactions... then , there are no surprises,' says Lou Vela, Green Tree's vice president of manufactured community financing. If you're considering acquisition and/or development financing for one or several manufactured housing communities, review the following outlines for making the financing process go smoothly: Be prepared to supply a detailed company background report, outlining management experience, community involvement and any community ad/or business association leadership roles assumed by your company's principals or senior managers. Kane Ditto's community involvement as a two-term mayor of Jackson, Mississippi, and his experience in developing and managing several communities for more than 25 years weighed heavily in his favor as Green Tree evaluated his financing request. Provide a detailed list of collateral to secure the loan. In Homewood's case, the communities, self-storage properties, and rental homes served as collateral. Outline in detail what funding is needed (stage funding) and how it will be used: 1)income projections by property, together with the assumptions used to derive projections; 2) three-year historical annual income and expense statements and interim current financial statements, together with rent rolls by individual property; 3) photograph of each property. Include in your finance proposal a summary of market factors that could affect the loan decision (need for properties in region, employment data, largest employers in region, and forecast for continued stability). List expansion capabilities, if any. Include a title binder on each property. Recognize that land surveys and appraisals can be time consuming. Once all paperwork, surveys, and appraisals are complete, closing the transaction and funding the loan can occur within 45 days. The secret to a smooth transaction is to anticipate what a lender will require. Organize information logically and neatly, which is especially important when seeking financing for more than one property. Make is as esy as possible for the lender to find all the needed information and be accessible when your lender has questions. Remember that the financial process is a two way street; you should feel free to contact your lender when ever you need further information of clarification about any of the steps in the financial process. Manufactured housing community developers who are interested in learning more about Green Tree's community financing opportunities can contact Lour Vela.
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Holigan Homes: Six New Communities in the Works In the past, Holigan Homes of Dallas, Texas, used Green Tree's floor plan and retail financing for its 14 manufactured housing dealerships but used other lenders to provide financing for its business's community development activities. Lou Vela, Green Tree vice president of community financing, hooked up with owner Harold Holigan at the Nashville MH Show earlier this year and discussed Green Tree's community financing capabilities. After that, Holigan and his three children, who together manage the family's business, decided to compare Green Tree to other real estate lenders.
Harold Holigan says the best thing about Green Tree people is their knowledge of the industry: “Most lenders do not have the background necessary to do an effective job servicing our needs. Green Tree is geared to handle our development needs as well as the retail and inventory lending. They are the only lender that does all three.” Green Tree's incentives and competitive financial offerings, which enhances cash flow, enable the Holigans to be innovative in their marketing efforts. Michael Holigan, for example, is host and executive producer of the nationally syndicated television series, Your New House, which teaches viewers the home buying process. “Your New House is a lot of fun to produce, and it really helps to sell homes,” he says. “We had over 900 people attend a recent home buying seminar that we held July 12 in Dallas,” According to Nielsen ratings, Your New House is seen by more than 1,000,000 people very week. The companion web site, www.YourNewHouse.com, received over 2.5 million “hits” in July. The Holigans have developed more than 40 residential properties, following a concept they have named “Southfork” after the poplar 1980's television show Dallas. Amenities include a colonial-style clubhouse for residents that also serves as a a sales center, lush grounds, ponds, and resort style swimming pools. Green Tree is providing financing for the development of six more Southfork style communities. Sizes of the communities range from 178 home sites in Colorado Springs to approximately 900 sites in Springhill, Tennessee. The opportunity for the Holigans was an ideal situation for everyone involved. The Holigans could obtain the financing they needed from a lender who understands all aspects of their business that has sound credentials in community development. Says Vela, “We not only demonstrated that our product was cost effective and could do the job for the Holigans, but we also enabled them to simplify their finance relationships by using Green Tree for another dimension of their business. That, in a nutshell, is what we're trying to accomplish with this product.
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Community Financing The Next Step in Comprehensive Financing from Green Tree Developing or expanding communities for manufactured homes are emerging growth opportunities for increasing numbers of manufactured home dealers who are also community developers. Green Tree now offers community financing through our Commercial Lending Division. “Our goal has always been to find ways to simplify dealer' lives,” says Luis “Lou” Vela, Green Tree vice president of community financing. “Community financing is strong complement to our other finance programs because it enables manufactured housing developers to obtain real estate financing for the acquisition, development, or expansion of manufactured housing communities or subdivisions, while continuing to work with a lender who already understands the dynamics of their business.” “Working with Green Tree eliminates the need to educate real estate lenders who may know little about the ins and outs of the manufactured housing industry and the special needs of manufactured housing dealers,” adds Vela, who has more then 20 years of community and multi-housing financing and acquisition experience.
Ideal Candidates for Green Tree Community Financing Existing Green Tree dealers who already have community development experience are the best candidates for Green Tree financing. “Our community financing programs are really 'value added' programs to help our current customers who have community development experience get to the next level of business growth. We will also consider programs for non-Green Tree dealers, but would present community financing to them in a package that includes inventory and retail financing,” says Vela.
Features of Green Tree Community Financing Here are some of the details of the program: Nationwide. Community financing, like other Green Tree finance programs, is available nationwide, which is an advantage to dealers who may operate communities in several states. Community. The ideal manufactured home subdivision or land leased community will have more than 100 home sites can can be adult or family 3 to 5 star communities. Loan size and rates. Green Tree will consider financing from $2 million to $20 million and offers both fixed and variable rates. Speed. Green Tree also recognizes the need to expedite community financing for deals and can typically close manufactured housing transactions within 45 to 60 days following the rec3eipt of a formal loan application with exhibits.
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