KSI Capital Corp Helps a New Country Club Project in Puerto Vallarta With $28 Million Loan
Paramus, New Jersey, October 20, 2007 — The development company of Solhabit S.A. de C.V. had a problem. Actually, they had more than one. They also, however, had an agenda, and it was a pretty good one. The bottom line was that they needed a loan to implement it – and that was proving harder to come by than anticipated.
Solhabit wanted to build a country club in Puerto Vallarta, Mexico, an area long known as a beguiling and compelling vacation resort destination. Situated on the Pacific coast in the state of Jalisco, Puerto Vallarta lies at the center of the world’s largest bay, the Bahia de Banderas (Bay of Flags). The bay itself is over 25 miles across with depths up to 10,000 feet, and humpback whales visit and give birth each year in its warming waters. Puerto Vallarta is also a ‘hurricane hole,’ so called because the big winds seldom blow there, stopped by the Sierra Madre Replica Watches mountain range surrounding the bay. The area offers the most stable water and weather conditions on the entire Pacific seaboard, along with modern conveniences, yet still manages to retain its unique Old Mexico charm. It’s a truly beautiful Top Replica Watches environment, and about 12 miles northeast of the city, in the middle of verdant forestland, was where Solhabit S.A. de C.V. wanted to build their club.
And what a development it was to be. Over 1,000 acres devoted to 4,200 single-family homes, an 18-hole golf course, and a multitude of other uses including commercial, recreational, and tourist-commercial. In short, Puerto Vallarta Country Club was designed as nothing less than a sustainable, independent gated community, literally in the heart of a paradise.
But there was still that small problem of needing a loan … and a little something else. So it was fortunate that Solhabit discovered KSI Capital when they did.
KSI Capital, a direct private lender located in Paramus, New Jersey, was exactly what Solhabit needed, even though they didn’t know it yet. Since 1986, KSI has been providing borrowers with answers while the conventional lending industry has been handing out refusals, especially in today’s downturned real estate market. Unlike those traditional sources, KSI prides themselves on being able to solve even the toughest deals and, what’s more, to do so in a reasonable amount of time. Little did they realize that it was to take all of their considerable skill to solve this one.
First of all, and prior to contacting KSI, Solhabit had been deceived by a less-than-scrupulous broker/lender to the tune of $100,000, a sum that the developing firm could ill afford to lose. So there was a protracted period while they investigated KSI to make sure that the lender’s reputation, not to mention their credentials, was in order.
Said KSI Founder and President Henry Haskell, “It was a longer process than we’re used to. But we understood why Solhabit wanted to check into us. It’s very unfortunate that they got swindled by an unprincipled broker. However, when we did our own due diligence regarding the property in Puerto Vallarta, we found out that there was yet another problem: The forest land was not fully entitled, as claimed by Solhabit. It was unusable in its present legal condition. Now, many lenders would have stepped away from the deal at this point.” Haskell pauses here, thinking, then smiles. “But we persevered. We continued working together, determined to salvage the situation, and we ultimately did just that. Most lenders would have simply backed out of the entire thing. We had no idea going into our due diligence that the forest land wasn’t entitled. After all, who would suspect that the borrower wouldn’t have told us that, had they known? But Henry wouldn’t give up and wouldn’t let us quit. We kept on working until we could close the loan. And now both Solhabit and we are happy.”
KSI Capital Corporation’s ability to make loans with speed, honesty, integrity, and professionalism attracts a broad range of borrowers from across the country and abroad. As a company with extensive experience in both the lending and real estate industries, KSI specializes in the unique and/or unconventional loan, paying particular attention to the specific needs and circumstances of the borrower. KSI uses generous loan-to-value ratios—up to 70%—and can issue a loan commitment and close in a matter of days. Funds are typically requested for commercial property acquisition and refinancing, development and construction, bank workouts, bankruptcies and foreclosures. Loan terms range from 1 to 5 years.
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