Joe Bruning
Lahaina, HI (USA)
Role(s):
Baby Beach LLC
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Startup
Location:
Lahaina
Industry:
Real Estate
Year Founded:
2008
Number Employees:
INVALID
Description:
My partner and I are interested in locating funding for special purpose LLCs, each one to be established for a single Maui real estate transaction. We are currently putting together an LLC which will require $4.5 total funding with 41% in the form of equity earning 20% - 25% and the balance in the form of secured debt paying a coupon rate of 11%. The equity portion of the funding will cover all interest payments for the three year duration of the LLC during which a house on a property appraised for $4 million will be replaced with a new house at a cost of $1.25 million. At the conclusion of the construction, the property will have a value of $8 million based on current comps. This is a relatively low-risk project since the current property with a 30 year old, 1,500 sf house will appraise f