Remington Financial Group, Inc.
Remington Financial Group (RFG), a veteran investment banking firm, secures financing of $1 million and up for commercial real estate projects. RFG has a track record of delivering money for slightly unconventional developments or properties. The company can look past a property's immediate problems and help owners realize the full profit potential on their investments.
RFG is known for securing financing on extremely complex deals with incredibly fast turnaround times. The company was founded in 1993, and over the past 15 years, has grown because of its quick understanding of a client's financing objectives and its ability to move quickly with its lenders. In 2007, RFG closed more than $1 billion in client transactions, and the company in on track to exceed that figure for 2008.
Remington Financial Group is an entrepreneurial organization, and, although it is open to financing higher-risk projects, it usually requires developers or builders to have at least three years' experience. RFG also prefers to invest in projects located in strong markets, where sell-out or stabilization may occur within two years.
RFG's other financial solutions include second mortgages, mezzanine financing, bridge loans and long-term B-paper loans. RFG also finances many joint venture (JV) projects. Typically, RFG provides JV financing for condo developments and hospitality industry properties. The company can provide up to 100 percent financing on joint ventures on all types of properties. The loan to sell out value ratio ideally should not exceed 80 percent.
The company typically secures $1 million to $15 million in financing on joint venture projects. RFG has secured as much as $140 million on past JV developments, and it will consider financing up to $500 million on certain deals.
Testimonials
Remington Financial Group in an unsettled market is consistent and stable. Their unprecedented Analysis, Service, Commitment and Communication are what sets them apart. When the recent market is doom and gloom all they want to know is "HOW CAN WE HELP". Whether it be an Investment Opportunity, International Development, or a Challenging Problem, Remington Financial Group stays committed to finding Creative Competitive Financial Solutions.
Thanks RFG for your great communication and constant commitment.
- R. Ramsey II
If issues arise with a transaction, RFG always puts forth great effort to recognize it, and immediately responds to our clients with solutions. RFG's servicing of commercial loans and requests during Due Diligence is the fastest I've ever seen. RFG uncovers the true merit of the deal and creates options for financing that traditional sources cannot.
- J. Medlock
When dealing with financial transactions, you need a company that has a proven track record, cares about their clients and understands the importance of each project. RFG not only possess these traits, they also provide many other attributes that make their organization one of the best in the business. I look forward to long and successful relationship with RFG.
- B. Owens
Because of its expertise with alternative financing, RFG is the only group that will look at certain projects - it doesn't shy away from challenging deals. I work with programs that no one else can work with and I can't do that without a company like RFG
- J. Couch
I was attracted to RFG because the company is fairly aggressive when it comes to making a deal, and it has a good history of recent closes. The people at RFG are responsive and return my email or phone messages immediately. The originators go out of out of their way to answer not only my questions, but questions directly from my clients. Remington's LOI and due diligence policies are spelled right out - there is no confusion. If the client can meet the requirements and has a good deal planned, securing funding through RFG should be no problem.
- C. Hanley
Recent Remington Financial Group Closings
$64.5 MM - Microcomputer Component Manufacturer, Bankruptcy Reorganization Financing - NY
$5 MM - Auto Parts Manufacturer, Joint Venture Acquisition Financing - NJ
$18.5 MM - Discount Retail Chain, Equity/Debt Financing Bankruptcy
Organization - MA
$80 MM - Cruise line, Acquisition & Start-up Financing - NJ
$2.5 MM - Medical Services Company, Early Stage Working Capital Financing - NY
$6 MM - Telecommunications Company, Equity Financing - NY
$4 MM - Wireless Tracking Device Manufacturer, Expansion & Start-up Working
Capital - MA
About Remington Financial Group's Advisory Services:
Remington's expert Advisory Services help clients carefully evaluate and restructure transactions that may have existing financing challenges. Our team develops advanced strategies to create new and alternative financing opportunities that can help supplement or replace conventional lending sources.
By providing our clients with access to the latest and most competitive capital sources the market has to offer, RFG's borrowers gain the advantage of a comprehensive perspective from which to choose the widest range of financing products available.
Remington also offers quick access to capital sources that can meet the unique demands of specialty and challenging transactions. Companies that are currently restructuring or emerging from bankruptcy and are in need of recapitalization, or considering expansion through leveraged acquisition, will benefit significantly from our experience and insightful guidance through complex transactions.
Remington Financial Group's Available Programs
Senior Debt/Equity Financing
Mezzanine/Bridge Loan Financing
Joint Venture Financing
Multifamily
Remington Provides
Specialized Funding For:
Remington Financial Group's Loan Process:
Why Use Remington Financial Group for Hard Money Bridge Loans?
A hard money loan is easily recognized by some distinguishing characteristics, most notably its ability to close quickly. Although a hard money loan typically carries a higher loan to value and more costly rates and fees, borrowers continually turn to this unique loan because most times it can move from start to close in 30 short days.
Why would a borrower need to close a loan in 30 days? It turns out there are many reasons that a quick turn around might be necessary. Two examples include:
Taking advantage of a low cost property
A borrower is aware of a piece of available property that is near the site of a soon-to-be-built shopping center. The land owner will sell the property at a lower cost, but only if the deal can close in the next 30 days. By securing a hard money loan, the borrower will pay higher rates and fees, but can close quickly knowing that she will earn a significant return in a year when the shopping center's construction is complete and the land's value has increased.
Avoid foreclosure
An individual's lender is about to foreclose on his property unless he can repay a certain amount within a short time period. The property is worth $10 million and the borrower owes $1 million against it. If the property is foreclosed upon, all of the property's equity will be lost. Although a hard money loan carries high fees and rates it enables the borrower to meet the aggressive repayment timeframe and save the equity in the property.
Remington Financial Group can help you with your hard money needs. Contact us to discuss your transaction today.
What is a Hard Money Bridge Loan?
A hard money loan is easily recognized by some distinguishing characteristics, most notably its ability to close quickly. Although a hard money loan typically carries a lower loan to value and more costly rates and fees, borrowers continually turn to this unique loan because most times it can move from start to close in 30 short days.
Loans often times must close quickly for any number of reasons. Sometimes the timing is a requirement to take advantage of a good price on a commercial property. Other times borrowers must meet fast closing dates in order to avoid foreclosure. Regardless of the reason, hard money is a viable and valuable loan type.
It's also important for brokers to understand that a typical hard money loan does not have a pre-payment penalty associated with it. So, if the borrower is in a position to repay the loan early the lender will not impose an extra fee.
How do Hard Money Bridge Loans Work?
Remington Financial Group, Inc. is equipped to handle the expedited closings of 30 days or less, which makes it unique in the lending space. Our firm does it by preparing all of the necessary underwriting resources (attorneys, appraisers, etc.) to review and approve a loan very quickly.
RFG employs a lower loan to value ratio than a traditional lender might, which allows the firm to recover its investment should the need arise.
Also, Remington often times skips traditional underwriting steps, such as evaluating a borrower's credit rating or examining his experience level, as a means to progress the loan more quickly. We require a water tight appraisal of the property that ensures RFG can tolerate the high risk.
Also, RFG will always require an appropriate exit strategy. If a borrower can not share how the loan will be repaid, in reasonable terms, we will not make the deal. Remington Financial Group has no interest in taking possession of a property and does not view foreclosure as a suitable exit strategy, but we can work with you to identify an appropriate strategy.
Recent Remington Financing Group Closings
$7.5 MM - Hotel Acquisition, Acquisition Financing - CT
$19 MM - Hotel, Bridge / Mezzanine Financing - NV
$4.5 MM - Hotel, Acquisition / Redevelopment Financing - MO
$6.4 MM - 130 Room Resort, Acquisition / Mezzanine Financing - MA
$7.8 MM - Hotel Construction, Construction Financing, 80% LTC
$130 MM - Luxury Hotel, Construction Financing, 90% LTC
Remington Financial Group - Multi Family Financing
The multi family business can present tough challenges for borrowers and lenders alike. It is not uncommon for hotels to require large amounts of capital for renovations, upgrades or expansions, while facing crucial downtime to fully implement those projects. Downtime in the hotel business often translates into lost or reduced revenues, which can impact the ability of a hotel property to secure financing in a timely fashion, or under favorable terms.
Remington Financial (RFG), a firm that specializes in commercial real estate investment, is a friend to the hospitality industry. Remington has a strong history of providing timely financing under favorable terms to hotels with challenging financing considerations.
Remington Financial Group has been at the vanguard in helping borrowers within the hospitality industry meet their needs by securing the financing for projects that are simply too risky or challenging for conventional lenders. Remington has been crucial in bringing financing to challenging projects across the United States. Some examples include:
RFG was the force behind securing nearly $6.5 million in acquisition and mezzanine financing for a 150-room hotel in Massachusetts owned by one of the leading hotel companies in the world.
Remington Financial Group helped a hotel brand with more than 1,300 locations throughout the United States, Canada, and Latin America secure $7 million in acquisition financing of two full-service hotels in Georgia.
A Las Vegas-based hotel and casino turned to Remington to procure acceptable terms on a $19 million bridge and mezzanine financing.
A 130-room New York hotel that is owned by one of the premier hospitality brands in the world found that RFG was the one who met its needs for the delivery of $13 million in construction financing for a much desired project.
When a full-service, 375-room hotel in Georgia that is owned by a brand known by travelers worldwide needed $22 million in floating rate acquisition financing, they turned to Remington Financial Group to get them the terms they needed.
When a real estate investment trust (REIT) and owner of nationally franchised mid-scale and upscale hotels needed to secure $23.5 million in permanent financing, only Remington could fund the loan under terms the REIT could happily accept.
For the $40 million in portfolio acquisition financing for its properties in Massachusetts, Washington D.C., Maryland, and New York, a large hotel investment company turned to RFG to secure the financing on time and under favorable terms.
To arrange for $56 million in recapitalization and mortgage refinancing for a portfolio of four hotels in Orlando, Florida, one of the world's top hotel companies turned to Remington Financial Group to provide the financing in a timely manner under terms that were agreeable.
When a major casino and resort hotel in Las Vegas, Nevada needed $19.5 million in senior and subordinate financing, it was Remington that delivered a finance package that the casino owners found both timely and acceptable.
Remington Financial Group, Inc - Investing in India
Remington Financial Group has forged a solid reputation as an investment banking company. Since 1993, Remington Financial Group has secured capital and offered financial services to business, real estate and development/construction projects worldwide.
Remington Financial Group's services include origination, evaluation, structuring and preparation of finance packages, negotiation assistance, and placement coordination along with closings. Internationally, Remington Financial Group generally handles transactions over $5 million, though projects have run into the tens of millions.
Remington Financial Group employs a distinctive, highly disciplined transaction method that differs from most conventional processes. Each transaction is expertly customized to help clients gain maximum benefit from Remington Financial Group's unique brand of integrated financing.
Remington Financial Group's track record of successful transactions includes real estate, land development, hotels and resorts, and corporate transactions, all of which serve to demonstrate the effectiveness of the Remington approach.
Remington Financial Group has experience with international deals, as well. With our track record of financing construction, real estate and development projects across the United States, along with the demand for commercial financing and increasing investment opportunities available, we have extended our presence to India.
Some examples of Remington Financial Group's successful projects outside of the U.S. include $9.5 million in financing for the construction of luxury condos in Costa Rica and $1.2 million for the purchase of an apartment complex in Canada - both at 85% loan to cost. Our Sonora, Mexico office managed a $15-million land financing project, which we secured for the development of a planned 600-unit residential community in Baja California Sur. In the same state, a Remington investor provided $40 million in land acquisition and development financing. We also arranged for $16 million to be supplied via a Remington investor to acquire and develop a luxury hotel in Sonora.
Why Invest in India
Reliable estimates indicate that real estate in India is a $12 billion dollar a year industry that has enjoyed a growth rate of about 30% per year over the last decade or so.
This trend looks to continue apace into the foreseeable future, with major hoteliers developing properties, and major investment firms looking to tap into the travel and tourism industry boom.
Nearly 80% of the real estate market in India is made up of residential properties, with the rest spread out among offices, shopping malls, hotels, hospitals, and the like.
Off-shoring business, including high-end technology consulting, call centers and software programming houses have formed the bulk of this double-digit growth, and for the 2003-04 fiscal year occupied over 10 million square feet of real estate development.
Each Indian rupee invested in housing construction adds INR 0.78 to the gross domestic product. The real estate sector is also contributes to the development of over 250 other auxiliary industries. The rating agency ICRA has conducted a study that ranks construction industry 3rd among the 14 major sectors in terms of direct, indirect and induced effects in all sectors of the economy.
At the moment, a number of factors make Indian Real estate a favorable investment. The Indian government has begun to move at a rapid pace to improve the country's infrastructure.
Real estate companies that can successfully maximize their own performance and operational efficiency will be poised to reap the benefits of the double-digit growth within the markets.
The real estate sector is one of the largest employment generators in India, second only to agriculture. India's foreign direct investment is at an all time high and exceeds all other neighboring countries. Additionally, India's stable political climate makes it a better target for long-term investment than many of its neighbors.
Major institutional investors like AMB, Hines, ING, JP Morgan, Merrill Lynch, and Prudential have already made considerable commitments in Indian real estate.
U.S. buyers continue to be confident in buying Indian real estate since Indian properties continue to be a much better value than comparable properties abroad. Also, property taxes are very low in comparison to the US and Canada, and growth rates are unbeatable.
Remington Financial Group, Inc. is a leading investment banking firm looking to finance projects between $500k and $1B.
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