Do you have a contingent offer or option on the Cabinet Shop property?
Do you have approval from a bank for the loan.
Is this the largest project you have ever done? Denbar's recent apartment investment has been around $1.5MM. Just wondering if this is too big a leap in terms of size?
The financials did not show any start-up costs. On other similar projects, due diligence costs run over $20,000, and upfront loan origination fees and other fees can be significant.
What are the major differences for an investor between the Ankeny commercial building and these apartments? Since both these properties are available at the same time, if I do invest, I will probably have to pick one of them, and I am assuming other investors are in a similar position.
Why does Denbar’s waterfall distribution have only one level whereas other sponsors of similar properties have 3 or more levels?
Just curious - since you submitted the LOI before getting investor commitment, what happens if you don't raise the funds needed? Do you forfeit the earnest money?
By what date do you need a commitment to reserve a share, and by what date will you need the funds?
After you get back from Dallas next week, sounds like there is a good chance you will be putting together at least one new project. Since you already have the Memphis apartments and Ankeny, will you give us a chance to look at all three or four before making a decision? Or are the commitment dates spread out or mutual exclusive?
(Follow up from the above answer). Due to the dollar amount, if I commit to Memphis, I cannot invest in Ankeny, or any other project this year. So my concern is how long it will take before it actually closes, because until then, you never know if it will go through, and in the meantime I might lose out on other opportunities – either yours or someone else’s. Also concerned that since the amount you are raising is significantly more than earlier projects, there is a higher probability you will not get enough investors.
Will you be using the Simplified LLC Operating Agreement or the newer full blown version?
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