Looking for 80% LTV purchase loan for 10 unit multifamily in Montana

This building has 8 occupied units out of 10. Purchase price would be $1.29 million with request for $310k rehab financing. Building is in good condition but dated and the buyer wants to buy it and do rehab on all 10 units to update kitchens and replace carpeting in each unit. Also doing some minor exterior improvements. Buyer will then increase rents this coming summer after rehab is completed.

Buyer owns a 4 unit in Oklahoma which is where they live. They (married couple) also flipped a home in 2017 and another in 2020 so they have good experience as investors. They have income of about $180k a year combined, high 600s credit scores, and about $460k in their investment accounts.

I am new to this business so if I have not included enough info just ask me and I will try to provide it for you. Property financials including rent roll will be provided to whichever lender we end up using. This multifamily is not listed for sale. It was referred as an off market. Seller would like to have a deal completed by mid-February otherwise they may consider listing it so we have about 2.5 months to get funded or at least approved and close to funding.

My name is Teri and you can reply here or send me a PM. 

Thanks for looking.

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Hello Teri.

I can do this up to 80% as long as the investors have middle fico scores above 680. I send you a direct message with my phone number and work email. If you are good working with another broker, I have 2 lenders I can put this through for you. One is from this website, the other I have used several times over the years. Let me know if you would like to go this route and I will send you our submission form and application for your investors.

Thank you.

Alexander Williams

Hey Teri, 

We will not do bridge loans in Montana but have a great outlet that specifically does loans in this region. Feel free to message me your contact info or email me at chad@pimlicogroup.com

Hi Teri.

I am a broker. If that is ok, I can offer a bridge loan to get this done in 4 to 6 weeks. 75% ltv with all renovation costs financed as well. 6 month prepay so next summer the buyer can refinance to lower rate long term financing after completion of the rehab which should increase arv sufficiently to make that happen. You can reply here or send me your phone number so we can discuss.

Teri, my email is antwanlee@cccapital.com. Thanks.

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Yes we can provide the loan, write Bruce Carver at carverbruce8@gmail.com

Brad Hall,

Are you also Bruce Carver? Earl jones? Did you know when I click on your profile I can see every post or comment you have ever made on here? The loan you inquired about is almost done, waiting on appraisal which has been ordered. This is an old post I made last November. Is your name Brad Hall, Bruce Carver, or Earl Jones?

Teri Simmons

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Complete our simple application. You will be done in minutes.
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