ASK MIKE MONDAYS - I’ve been asked to be a KEY PRINCIPAL on....

oldcapitalpodcast oldcapitalpodcast | 5 years ago

Both Fannie Mae and Freddie Mac need someone or a few folks, within the investment group, to become the fiduciary on behalf of the partnership. They typically want a natural person to sign a “guaranty” between the lender and the partnership for a non-recourse loan. Michael explains some of the benefits and concerns if you sign on behalf of the borrowing partnership.

ASK MIKE MONDAYS - Michael, can you define what KEY PRINCIPAL is?

oldcapitalpodcast oldcapitalpodcast | 4 years ago

Michael discusses and defines the term: KEY PRINCIPAL and how it applies to commercial real estate lending. The lender makes the loan to the Borrower. The Borrower is not typically an individual; but typically a limited partnership. Generally, where the Borrower is a limited partnership, the general partners are the managers of the Partnership. Thus, individuals general partners are potential Key Principals. For any general partner of the Borrower which is an entity, the Lender must identify as ...

oldcapitalpodcast oldcapitalpodcast | 4 years ago

Michael discusses and defines the term: KEY PRINCIPAL and how it applies to commercial real estate lending. The lender makes the loan to the Borrower. The Borrower is not typically an individual; but typically a limited partnership. Generally, where the Borrower is a limited partnership, the general partners are the managers of the Partnership. Thus, individuals general partners are potential Key Principals. For any general partner of the Borrower which is an entity, the Lender must identify as ...

ASK MIKE MONDAYS - How difficult is it to ASSUME a FANNIE MAE loan? What is a SUPPLEMENTAL loan?

oldcapitalpodcast oldcapitalpodcast | 6 years ago

A unique feature with a Fannie Mae loan is the ability to assume the existing loan from the seller and then apply for a new subordinated loan to get max leverage. Mike explains the additional benefits and needed structure of applying for a Fannie Mae assumption & supplemental loan.

ASK MIKE MONDAYS: “Mike, what POSITIVE things are you seeing today in APARTMENTLAND?”

Nationwide Commercial Real Est... Nationwide Commercia... | 10 months ago

As you can imagine, with interest rates rising, many apartment investors have been pencils down. Investors are concerned with lower asset value & higher debt service. Is there any good news out there? What are some of the positive ideas that are occurring in apartment investing? Mike is starting to see some positive “green shoots.” Mike discusses some of those encouraging thoughts on what he is seeing in apartment investing. Listen to the guy that has acquired over 14,000 apartment units. Ar...

appraisaltoday appraisaltoday | 6 months ago

Sins of the Past Are Back to Haunt Appraisers Fannie Mae Takes A Closer Look at Appraisals By Richard Hagar, SRA Excerpts: In the recent past, when appraisers were swamped Even with the Collateral Underwriter program review, appraisers were overwhelmed. Every lender and AMC were seeking and hiring review appraisers in order to keep up with demand. Due to the shortage of review appraisers (exacerbated by low fees and time pressures), tens of thousands of poorly created appraisals were acc...

housingwire housingwire | 1 year ago

Fannie Mae’s CEO, Hugh Frater, and Sheila Bair, the chair of its board, both announced they will resign from the mortgage finance behemoth. Here's who will replace them. The post A big leadership shakeup at Fannie Mae appeared first on HousingWire.

ASK MIKE MONDAYS - SPECIAL EDITION - Mike, How bad is this coronavirus going to be on apartments?

oldcapitalpodcast oldcapitalpodcast | 3 years ago

This special edition focuses on what LIMITED PARTNERS and GENERAL PARTNERS can possibly expect with the impact of the coronavirus on apartment investments. You will want to listen to this.

ASK MIKE MONDAYS - Michael, What is a LURA?

oldcapitalpodcast oldcapitalpodcast | 5 years ago

To promote affordable housing, some older properties may have an income restricted LURA. A LURA is a LAND USE RESTRICTION AGREEMENT. It runs with the deed. This recorded regulatory agreement may restrict the amount of rent you can charge a tenant, based on the tenant’s income. If you rehab a property and are expecting to increase rents to justify the cost…a LURA may prevent you from being able to raise rents in the future. Make sure you ask the seller’s agent if the property has a LURA.

ASK MIKE MONDAYS- “Mike, IS multifamily still a good place to invest in?”

oldcapitalpodcast oldcapitalpodcast | 1 year ago

Michael gives you his opinion on where the apartment industry is today. Rents are UP, Values are UP, and Cap Rates are DOWN. Is it going to last? TODAY is the 'golden age' of apartment ownership. Michael goes into detail where he sees the opportunities and challenges in the next few months with apartment investing and ownership. Also, the guys discuss the ramifications of being on the wrong side of Fannie Mae and Freddie Mac and how it will impact you on doing future business with the Agency len...