Private lender provides $5.6MM loan
Dallas, TX (August 21, 2012) – Rafkin Lending announces the closing of a $5.6 million land loan to The District at Parkway Lakes. Parkway Lakes is part of a 1,250-acre master-planned residential and commercial community located in far west Houston along Westpark Tollway and Grand Parkway, and situated just south of the Cinco Ranch.
“We are pleased to make this loan at a time when others are unwilling to lend on land. We obviously like the features of Parkway Lakes and have great faith in its owner and developer. The loan highlights our strengths: expertise in analyzing supply and demand, deep experience with all property types, and great certainty of funding. We specialize in lending on high quality properties that are being developed or rehabilitated,” says Bill Rafkin, principal of Rafkin Lending.
Parkway Lakes is located in the center of economic vitality of Houston created by job growth from the nearby Energy Corridor. There are thousands of homes in the area needing the support of commercial and retail property. Due to its prime location, convenient access, and excellent visibility, Parkway Lakes is ideally positioned to meet those needs. The owner of Parkway Lakes intends to thoughtfully sell or develop sites that will enhance the dynamics of the area.
The loan is secured by a first lien and the loan-to-value ratio is within the boundaries set by Rafkin Lending’s underwriting standards. Rafkin Lending seeks to make similar land loans to seasoned investors and developers for worthy projects located throughout the country.
About Rafkin Lending
Rafkin Lending makes well secured loans to experienced borrowers seeking to refinance, acquire, or redevelop warehouses, office buildings, retail centers, apartments, and commercial land located in major cities throughout the US. We make loans ranging from $5 to $20 million, with terms ranging from one to five years. Our loans have no personal recourse to the borrower. As a “portfolio” lender, we invest our own money in the loans we originate and we hold onto them through maturity.
Since inception in Spring 2011, we have funded over $21MM of loans secured by land and office building redevelopments located in Texas and elsewhere.