$300,000 Residential owner occupied loan to a Canadian couple moving to Texas. They needed this short term loan to allow them time to establish their residency in Texas and build lines of credit that are picked up by the US credit reporting agencies. Once they have financially established themselves in the States they will easily refinance their home into a conventional mortgage.

$1MM Commercial loan to rehab a small strip center in Austin.

$200,000 residential construction loan to help an Austin area builder. His lender stopped funding his project after he poured the foundation. We rescued the project by providing funds to complete the home so that the builder can get it sold.

$80,000 residential construction loan in Bastrop for a new home builder. He owned the lot and covered the soft cost himself.

Pride of Austin Homes will be showcasing this newly completed custom home designed by Chase Dame and built for Dr. Phillip Caterbone.

Pride of Austin Capital Partners is offering this investor mingle so that potential investors in Pride of Austin High Yield Fund 1 can interact with current investors and clients of Pride of Austin. If you are not earning greater than a 12% annualized return on your investments then you are not investing in Pride of Austin High Yield Fund 1, LLC, a Regulation D Security filed with the SEC.

Responsibilities would include building relationships with current investors, seeking new investors, working with investor leads provided by POACP, communicating with investors about loans being considered for funding, and general promotion of the fund and the management company.

We are seeking a qualified candidate to manage the capital markets group and build a team of aggressive and motivated professionals. We also have entry level positions that are perfect for a graduate student seeking an internship or a recent graduate seeking a career in investor relations for a private equity lender. Although we are located in Austin, Texas telecommuting is acceptable.

Please submit your resume for consideration.

A hedge fund holding the note on a hotel in Tulsa was not in a position to extend the loan. Like so many other hedge funds it was bleeding financially. The borrowers were asked to refinance the debt. When a commitment letter was issued to refinance the debt the hedge fund notified the borrowers that they had sold the note just days before at a substantial discount even though the hedge fund manager knew a commitment was being issued from the new lender. So instead of receiving $11MM for the debt the hedge fund received $5MM. Their justification was that they were able to sell off a portfolio of loans at the discounted rate.

Far be it for me to question the business model of this hedge fund but I can say that if I were an investor in that fund I’d have my attorney all over them for their lack of management skills. Why on earth would any fund manager throw $6MM out the window when the fund is bleeding financially? When asked if the fund manager was an investor in the fund he admitted he was not. Are some fund managers so callous with other people’s money that they are willing to lose $6MM in order to stroke their ego and brag that they sold a portfolio of a mere $50MM at deep discounts? Thank God this manager does not manage my money!

Anyway – if you have a hospitality loan package that needs a home we are looking for a property to lend upon. Minimum of $5MM please.

Multi Family
Single Family Residence Rehabs
Retail
Office

We will lend up to 55% LTV or ARV as a Purchase, Refinance, Bridge, Mezzanine or Cash Out.

Send your Executive Summary or request a Project Summary Submission Form from us.

We are filling our May loan commitments fast – please send in your loan requests for funding in May.

If you need a project then work with one of our in-house Realtors to find you a profitable project for April funding. If you are an investor and need a contractor to help you with the construction then we can partner you up with Pride of Austin Homes.

General Loan Parameters:
* non-owner occupied and owner occupied allowed
* 1 year term
* rate between 12% and 15% (depending on the project)
* loan amount up to $250,000 (will consider a higher value if it is an incredible project)
* up to 60% ARV (after repair value)

Send us a summary and we’ll give you an answer in 2 business days if we want to underwrite the loan.

Notes collateralized by:
Parking Garage
Condo Unit Inventory Loans
Warehouses / Distribution / Flex
Medical Office
Student Housing
CBD Office
Suburban Office
Grocery Anchored Retail Shopping Centers
Mixed Use

The preferred Tier 1 Markets are:
Chicago
San Francisco / San Diego / Los Angeles
Dallas / Austin / Houston
New York City / New York Metro
Atlanta
Salt Lake City
Portland
Philadelphia
Charlotte
Nashville
Washington DC
Phoenix
Boston
Miami

Want to convert your note to cash? Contact us!

A commitment letter was issued for a $250K plus loan to a foreign national seeking to purchase a home in Houston

A commitment letter was issued for a $2.5MM loan to refinance a church in SE Texas

A commitment letter was issued for a $100K plus loan to rehab a single family home in Austin, TX

An LOI was issued for a $10MM plus loan to refinance a hotel north of DFW area of TX

Projects being processed for February 2010: A

$2.5MM refinance and rehab loan for a motel located west of the DFW area of TX
A $600K acquisition and rehab loan for a commercial piece of real estate in Austin, TX
A $100K plus acquisition and rehab loan for a single family residence located in Austin, TX
A $1.5MM plus rehab loan for a warehouse to lofts conversion in the Panhandle of TX
A $19MM plus loan for a renovation of a flagship hotel in Houston, TX

If you have a project that needs funding please contact us!

We deliver!

If you didn’t earn 12% or more on your money in 2009 then you didn’t invest with Pride of Austin.