Remington Financial Group

To refinance the Brand Hotel in north Vermont , permanent financing was selected by the long time and repeat borrower of Remington Financial Group.

Remington Financial Group competed with the borrower’s options and won based on the extremely low rate it was able to secure along with other favorable terms such as low reserves and short time frame to close. This was the 7th deal transaction by Remington over an extended period which was based on the reliability and confidence portrayed in Remington by the borrower. This loan was set up on a ten year term with a rate fixed at five percent on a thirty year amortization.thirty-five %.

With its small loan service, Remington Financial Group began acquisition funding to secure buying retail property in the Raleigh, North Carolina market. Because of their ability to acquire funding for very difficult deals, the principal engaged Remington Financial Group to obtain funding for their first commercial investment property.

The individual borrowing the funds had a low credit score, no experience, and little overall net worth. A substantial real estate property had a sales contract at a very competitive price, though. Remington Financial Group was able to settle the deal due to the properties strength and the borrower’s seemingly good insight throughout the financial stage of the process. As a result, Remington structured $960,000 senior and mezzanine financing which represented a 95 percent LTV when combined with the seller financing which occupied a third mortgage position. A combined rate of 7 was used to supply senior and mezzanine financing. 3/4 spread over a period of seven years as well as 25 year amortization.

Remington Financial Group develops and executes financial structures that turn problematic transactions into closings. Remington began working with a very large group of hotel owners who had difficulty obtaining funding for a new project.  The level of difficulty was extremely high. This is often when clients approach Remington – when all other hope is lost to close a transaction.

Aging properties had slipped into bankruptcy while losing their competitive edge to newer hotels that had been developed in the local market.  Another challenge with this project was that the property debt was approximately $100MM on a property only with $70MM.

Further contributing to its complexity was that considerable ecological difficulties existed. The court gave Remington Financial Group 30 days to turn in a resolution plan together with commitment for funding. When the borrower involved Remington Financial Group, they had fully planned to give the properties back to their lender, because after 18 months no one else had been able to get them a deal.

This asset was not wanted by the lender. Because of the relationship cultivated with the current lender, Remington was able to ask them to settle the senior financing for less. This caused a tax liability for the borrower that added finances to help cover expenses.

To fix environmental issues, a large amount of money was needed. Remington Financial Group was able to secure mezzanine financing for a very speculative business plan. That solved those needs and the need for additional capital to invest into the properties to help reposition and upgrade the portfolio and to make it competitive within its market.

Remington Financial Group sealed the market rates and gave a fifty eight million dollars finance which helped the owners to retain all of their ownership in emergence of bank cases and properties. The business was completed within 45 days.

The experienced team at Remington develops and executes financial structures that turn problematic transactions into closings.

One of the areas best contractors interested Remington Financial, Inc. To construct a large scale student housing complex will require financing.

The project began over a decade ago with the construction of real estate near the entrance to the campus. A 20 year client of Remington tested many developers to develop a site but failed to get good results. At last he decided to go for from commencement to auditorium ceasing in rationally 12 months.

The result of the plan was a complex combining retail space, a movie theater and high quality modern student housing, and is which is the largest development in the region built with private financing. In addition to the development helping the university, it symbolizes the foundation of the restoration of the area.

Remington Financial Group was in competition with the developer’s long term relationship bank. Remington Financial had won the deal because of its ability to deliver superior financing to the developer’s many options compared to their competitors. The underwritten construction funding which amounted to almost $61 million was for a two-year term on the basis of interest only. 80 percent of the project’s stablized value was from loan proceeds; which was a very unexpected benefit to the developer because of RFG’s financing package. The construction financing also contained a provision that allows for the loan to become fully non-recourse when a forward commitment that funds at construction completion is secured.

Remington Financial Group is a leading banking investment firm which arranges and provides bridge, mezzanine, equity, construction and permanent financing to projects ranging from income producing real estate to residential lot development and condo conversionshaving headquarters in Philadelphia.

A home builder that is based in the state of New Jersey wanted to increase the diversity of its real estate holdings with revenue-generating real estate. They did not have sufficient equity to acquire new real estate because most of their capital was in home construction and lot inventory. The thing they did maintain was a contract of sale on a property. The builder was able to secure one hundred percent financing towards the purchase of the apartment builiding in Wimington, DE, because of his awareness of RFG and its capabilities.

Remington Financial Group had the ability to show its shareholder that the builder’s proposal created value for any joint venture equity investor. Competitively priced LTV financing, starting at 80 percent, was achieved by putting down 100 percent equity on the initial deal. The money received turns into a equal share of the profits. RFG’s Philadelphia office is where the transaction originated from.

In order to secure a mezzanine financing to compliment its senior financing, an Ohio based developer engaged Remington Financial Group but can’t provide eneough leverage to finish required improvements to a medical office building. The building located in Ohio was occupied below the market average due to mismanagement. The developer was forced to use a short term low leverage acquisition bridge loan because of the quick closing. TYo make the property attractive to tenants, more money was required. The difficulty of the project required a knowledgeable lender that understood the circumstances and was able to understand the developer’s issues with the proposed deal. Most formulaic mezzanine lenders were not willing to absorb the deal’s lease-up and market risks combined with the added risk of relatively high priced debt in the senior position.

Remington Financial Group collaborated with the developer, conceptualized a well-balanced awareness of the market, and was satisfied with the property’s lease-up scheme. By analyzing the risks and delivering the deal, it payed off $1.In just about ten days, the 5MM mezzanine loan

Shortly after closing, the developer secured a lease and required additional capital to continue with building improvements. By adding to the principal balance of the mezzanine loan, Remington Financial Group was about to deliver an additional one million dollars in four weeks after the initial closing The developer awarded RFG the senior mortgage refinancing based on their satisfaction with Remington’s execution of the mezzanine loan assignment.