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I was involved in a large land banking transaction acquiring approximately 150 residential lots in the Las Vegas area. We had a national homebuilder optioning the purchase of the finished lots and were on a very short time line to find a loan and close the transaction. The transaction was rather complicated involving three lenders each taking separate parcels as collateral and requiring a simultaneous close. I found two of the lenders, but was in need of the third lender for approximately a $20 million land development loan. John Lloyd at Cornerstone was able to find the lender with the loan I needed to close the acquisition by the deadline. The next time I need assistance arranging financing I would definitely use Cornerstone again.
John Cork
President
Tempe, AZ. 85284
Consumed developing a residential condo project, I didn’t have the time necessary to arrange the financing needed. I raised some equity through investors; however, I was short in coming up with the required capital to obtain typical bank financing. John Lloyd at Cornerstone was able to arrange a conventional construction loan as well as a mezzanine loan that allowed me to maximize leverage and get the project started on time and without the additional cost of raising equity through more outside investors.
Cornerstone did not just find me a loan; they assisted me throughout the loan process and provided continued support and consulting well beyond the loan funding. They did what they said they would do with integrity. I would definitely recommend Cornerstone to any developer looking for an honest and experienced mortgage broker.
Glenn Wilber
President
California Equities, Inc.
San Diego, CA
I had purchased a single family residence on an oversized lot that would accommodate 11 residential town home/condominiums. In the process of arranging financing, I had the choice of either bringing in additional partners and giving away large % of the project or getting a lender to leverage up to 90% of total cost and I would be able to keep a majority of the ownership. John was able to find non-conventional construction lender to make a loan that was a little more expensive than a bank, but less expensive than equity partners, allowing me to retain a majority of the ownership interest. Cornerstone was great to work with and did everything they said they would do. I definitely had a good experience and would highly recommend Cornerstone Commercial Mortgage to anyone.
Rick Nestor
R.A.N. & Associates
San Diego, CA
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