Buying an 8 unit apartment building. How much down do I need? Can you help me with financing?

I would like to purchase a small 8 unit apartment building. Cost will be $1.09 Million. I have good credit and 2 rental properties right now. I would prefer to avoid hard money if possible because I plan on keeping this one long term.

Can you help me?

Tina

Views: 900

Reply to This

Replies to This Discussion

>>Down Payment Assistance Funding Program for Real Estate Investors
Free Information Pack Available 
Please email the following info to : SUSAN999REALTY@GMAIL.COM
1. Full Name
2. Phone number
3. Email address
Referrals 
We are happy to offer
A. To pay you a 2.5% referral fee, based on the amount we fund.  
B. Full account protection and referral fees in perpetuity.  
>>Down Payment Assistance Funding Program for Real Estate Investors
Free Information Pack Available 
Please email the following info to : SUSAN999REALTY@GMAIL.COM
1. Full Name
2. Phone number
3. Email address
Referrals 
We are happy to offer
A. To pay you a 2.5% referral fee, based on the amount we fund.  
B. Full account protection and referral fees in perpetuity.  

>>Down payment program for all real estate investors: landlords, rehabbers, etc.

Tina:  I provide 65% LTV for bridge loans.  I can also use other collateral to increase amount.

gruberinc@aol.com

Hello There :

Please send your related project Executive Summary and other related information to David Lee  Email: davidwklee@davidwkleeglobalfunding.com for our immediate perusal.

https://davidwkleeglobalfunding.com

https://davidallencapital.com/?refcode=102714544

Will depend on how we structure deal for you. If you wish a call let us know. 

jflynn@rjcapital.us

828-483-6883

Guys,

Some of you are still somehow responding to this 20 month old post. I went ahead and read about 20 of your comments and it is very apparent to me that probably less than 5% of the so-called Mortgage Brokers and Loan Officers on this website ever do loans. Seriously... do y'all read your responses to someone asking for funding? The copy/paste BS is ridiculous. The responses like the one from the last guy 30 minutes ago are even worse because he probably never even reads the post, just drops one or two sentences of garbage and wonders why he is broke and always will be. Read below for how to respond to a funding request (if you ever want to close a loan in your life):

Since I personally made this woman's loan happen back in 2022... here is how you should respond (if you ever want to do a loan for anyone):

"Hi TIna! With a 680 credit score, the experience you mentioned in your post, and at least 75% occupancy of the apartments, you would be looking at right around 7.125% for a 30 year loan, 3 year descending prepayment penalty, and an LTV up to 85% which means you would need 15% down to purchase this small multifamily property. If this works for you and the down payment is not an issue for you then please contact me ASAP so I can make this multifamily purchase a reality for you".

Monty Yeager
Investment Financing
investmentfinancing@mail.com
208-794-7430

IF YOU CAN'T TAKE THE ADVICE OF SOMEONE THAT MAKES SIX FIGURES EVERY SINGLE YEAR NO MATTER THE ECONOMY OR OTHER FACTORS THEN WHY EVEN WORK? JUST HOLD UP A SIGN ON THE SIDE OF THE ROAD, LIVE IN A CARDBOARD BOX, AND PANHANDLE. YOU WILL MAKE MORE MONEY DOING THAT THEN TRYING YOUR BEST TO BE THE WORLD'S WORST MORTGAGE BROKER. ABOUT 5000 OF YOU ON THIS WEBSITE SEEM TO BE COMPETING FOR THAT TITLE.

Rant over but seriously folks... WOW!! Reread how I would have responded (and did) about 15 lines up this post and take notes. Don't any of you actually want to succeed in this business? 

Can do 30 year Fixed if DSCR is covered. Call me   949   784 9699

C G  NMLS 324982 

Why not try our esteem company. We are professional in what we do. At FAST LOANS AND INVESTMENT, we take care of every offer that comes through our door.

We are into investment and granting of loans. If you wish to know more just email me and we can start from there.


Thanks,

G.W.D
garrettdiegel@fastloansandinvestment.com

So it depends.  If the property is fully stabilized, cash-flowing and can service the debt, then yes, secure long-term permanent financing.  If the property is vacant, low occupancy, and possibly needs some work, then you'll have to get a bridge loan, make the necessary adjustments, per above, then refinance into long-term debt.  Happy to evaluate and discuss. 

Info@SimsCapital.biz

We offer all loans to interested persons from any country for any purpose. Contact us through this email if you need a loan or have anyone who need.
alexandroalwarbomen@gmail.com

https://alexandroalwarb.com

MULTIFAMILY BRIDGE PROPERTY TYPE: Small Balance Multifamily Residential (5+ units) LOAN: $500,000 - $5,000,000 TYPES: Interest Only | Fixed/ Adjustable Rate Mortgage options TERM LENGTH: Up to 24 months + Two 6-month extensions MIN GUARANTOR FICO: Mid-Score of 680 MAX LTC: Purchase Loans: 75% of Purchase/As-is Value + 100% of Rehab Costs Refinance Loans: 65% of As-is Value + 100% of Rehab Costs Cash out Refinance Loans: Subject to LTV guidelines based on mid FICO score MAX LOAN TO STABILIZED VALUE: Purchase/Rate-Term Refinance: 70% Cash out Refinance: 65% RECOURSE: Loans ≤ $2MM: Full Recourse Loans > $2MM: Full Recourse or Limited Recourse with bad-boy carveouts Completion Guaranty/Reserve Replenishment Guaranty when applicable

Hi Tina, as long as all 8 are occupied and the asset is cash flowing after expenses.  Do you know the cap rate?  

FHA is NOT an option, as their financing is for Primary Home purchases.  You're going to need 20-25% down based on the metrics of the asset (dscr).  You'll also need some funds in Reserves.  

You can always leverage some equity in the rental properties if you owe them free/clear and/or have significant equity in them.  Happy to chat more.  Info@SimsCapital.biz; www.SimsCommercialloans.com

RSS

© 2024   Created by Admin.   Powered by

Badges  |  Report an Issue  |  Terms of Service