Oakridge Court

180 units · $42.6M TIV · Permanent conversion 11/15

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When something cannot be met

A requirement you cannot satisfy is not a dead end

A documented request gets answered. Silence or a vague certificate gets escalated at the worst possible moment.

  1. 1

    Identify

  2. 2

    Test the market

  3. 3

    Describe the impact

  4. 4

    Request approval

  5. 5

    Track the outcome

Property deductible $25K vs $10K

Investor / syndicator

Package in draft
Why it cannot be met as written
Market standard for this TIV and construction type is $25K AOP
Proposed alternative
Retain $25K or buy down to $10K (~quoted)
Residual exposure
Owner retains an additional $15K per occurrence if exception is granted
Approval authority
Investor counsel

Named storm 5% vs 2%

Permanent lender

Market test underway
Why it cannot be met as written
2% named-storm is thinly available at this coastal-adjacent CAT load
Proposed alternative
Document market evidence; offer 3% middle path or DIC
Residual exposure
5% of TIV is approximately $2.13M retained per named-storm event
Approval authority
Permanent lender

Flood — private vs NFIP vs excess

Permanent lender

Waiting on determination
Why it cannot be met as written
SFHA status not yet determined; structure cannot be finalized
Proposed alternative
NFIP maximum + excess private, or full private, once determination returns
Residual exposure
Uninsured flood if determination is late and no binder is in place
Approval authority
Permanent lender / HFA

Soft-cost limit undefined

Construction lender

Schedule requested
Why it cannot be met as written
Exhibit requires soft costs and delay; schedule was never built
Proposed alternative
Soft-cost schedule + DIC / delay-in-completion quote
Residual exposure
Uninsured delay and soft-cost burn if conversion slips
Approval authority
Construction lender