I'm seeking apartment funding for a 398 unit complex. Details below

398 Unit complex being sold for 4.4 million or $11,000 per door
 
Property 100% vacant
 
After purchase property renovation will cost 2-2.6 million
 
Net cash flow after 80% occupied $1,596,000 per year
 
Resale property at a 10% cap at 80% occupancy for $15,960,000
 
Property History
 
Owner passed away
 
Son was willed property and had no interest in running the business
 
Son kept property while cash flow was rolling in. As maintenance issues and vacancy issues came up he ignored them
 
Son sold property at 50% occupancy to Australian investor
 
Australian investor made no improvements and collected cash flow until 20% of property was occupied
 
Australian investor sold property to Dr. Alan Kwan in Singapore in Dec. 2012
 
Dr. Kwan started renovation but due to busy schedule was unable to perform( secured property with security gate)
 
Dr. Kwan is now selling property
 
Investment Details
 
$4.4 million dollar purchase
 
$2.6 million dollar renovation ( roof, hvac, paint, electrical, paint, appliances, plumbing, drywall, fixtures) Per General contractors bids
 
4.4 million plus 2.6 million= 7 million
 
398 units x 80 % occupancy = 320
 
320 units x $650 average rent = $208,000 monthly cash flow
 
$208,000 x 12 = $2,496,000 annual gross income @ 80 % occupancy
 
$900,000 annual expenses ( advertising, insurance, maintenance, payroll, taxes, telephone, utilities)
 
$2,496,000 minus $900,000= $1,596,000 net annual income
 
To sale at 10% cap rate = $15,960,000
 
Projected time frame 12-24 months
 

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Comment by Leonel Guzman on March 10, 2014 at 2:36pm
My name is Leonel Guzman. I have plenty of money to lend. Reach me at leonelguzman207@yahoo.com if interested. We'll just need an executive summary of your project in order to make the loan. Hope to hear from you soon.
Comment by Samuel Thomas on March 10, 2014 at 5:39am

Send me details and your phone number to samcthomas45@gmail.com

Would like to set up a conference call with the President of our company and myself to discuss funding

of your project.  You can review our website at www.trustlender.com

We are a direct lender.

Thanks

Sam Thomas

(856) 383-8577

Comment by Vernon gene on March 8, 2014 at 12:25pm

GET THE LOAN YOU NEED ASP!!!
GET BACK AT ME AS SOON AS YOU CAN FOR MORE DETAILS.
FORWARD ALL INQUIRIES TO THE EMAIL ADDRESS BELOW.

   accessfincoltd@gmail.com
             or
   Give me a call on +1502 383 1254



regards:

MR.Vernon Gene

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