Tim Menius
Biloxi, MS (USA)
Role(s):
Founder/Owner/Principal
The Meadows of Gulfport
Find More Startups
Startup
Location:
Biloxi
Industry:
Real Estate
Year Founded:
2004
Number Employees:
1-10 people
Description:
Residential R/E developer involved in rebuilding the MS Gulf Coast from Hurricane Katrina. Seeking first mortgage facility for our duplex buyers who have received HUD issued forgivable second mortgage (non-servicable)totaling $73,000 on their $255,000 purchase price and have equity paid in of $25,(URL removed)ce, they are seeking a first mortgage at 61% LTV on this newly constructed residential product. Average buyer FICO over 700. The forgivable 2nd disqualifies buyers from Fannie financing. Seeking 30 year am w/ 5 year balloon. 2nd is forgiven after 5 years and absent forgivable, they will easily be able to refi at that point. Buyers also eligible for GO-Zone bonus depreciation. DSC forecast at 130%.