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Enron Mail |
---------------------- Forwarded by Phillip K Allen/HOU/ECT on 02/23/2001
02:27 PM --------------------------- Andrew_M_Ozuna@bankone.com on 02/21/2001 07:28:47 AM To: Phillip.K.Allen@enron.com cc: Subject: Sagewood II Phillip - George Richards asked that I drop you a line this morning to go over some details on the San Marcos project. 1. First, do you know if I am to receive a personal financial statement from Keith? I want to make sure my credit write-up includes all the principals in the transaction. 2. Second, without the forward or take-out our typical Loan to Cost (LTC) will be in the range of 75% - 80%. The proposed Loan to Value of 75% is within the acceptable range for a typical Multi-Family deal. Given the above pro-forma performance on the Sagewood Townhomes, I am structuring the deal to my credit officer as an 80% LTC. This, of course, is subject to the credit officer signing off on the deal. 3. The Bank can not give dollar for dollar equity credit on the Developers deferred profit. Typically, on past deals a 10% of total project budget as deferred profit has been acceptable. Thanks, Andrew Ozuna Real Estate Loan Officer 210-271-8386 ##
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