Multifamily funding for a client in Brooklyn
Good morning all. I realize most of you are still sleeping but here in New York it is already 8am. I recently showed a multifamily property to a past client of mine and this morning I woke up to an email asking for finance options. He is not prequalified because I have sold him 2 homes in the past, both for seven figures so let's assume he is good to go. He is interested in making an offer on a 12 unit in Brooklyn with all 12 units occupied. Price of $3.15M. Average condition, could use maybe $300k for cosmetic improvements but overall condition is fine. I have proforma with all data needed and this buyer has good credit and a mid-seven figure net worth, all verifiable.
Who has the best rates for this purchase with 25% downpayment?
Please reply here. I will check back later today and message any viable option.
DC
Replies to This Discussion
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Permalink Reply by Christopher Allen on
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I am following this. I too am interested in funding for a small apartment complex. Looking forward to replies from lenders on Mr. Clark's request.
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Permalink Reply by Nick Hubbard on
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Permalink Reply by Dr G on
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Good day, Mr. Clark! We have fully-licensed real estate funders ready to review this project as well as provide 100% of the rehab budget if everything is as described within your note above.
We Do Not Charge Any Upfront Fees
If You Do Not Get Funding From Any of Our Funding Sources, You Owe Us Nothing!!
Contact us TODAY!
877-GET-UR-LOAN (877-438-8756)
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Permalink Reply by D Clark on
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Gentlemen,
Thank you for posting your ads but right now I need to give the possible buyer an idea of rate and loan term. We spoke this afternoon and he showed me his Experian which shows a score of 769. He would be purchasing as a business entity. He is wanting long term financing and is rate conscious. His PFS shows a net worth of close to $7M. He is willing to make a downpayment up to 25% of the purchase price if needed. Money would come from sale of stock so the money is already sitting, the stock just needs to be sold which takes little time. He does not have to buy this multifamily but will do so if the finance numbers make sense. What kind of term and rate is someone with these qualifications looking at?
DC
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Hey D Clark,
Good evening! Why hasn't he went to his bank.
We have a institutional bank partner since the borrower is banklable!
New Floater Program
- 10 year term
- No rate cap required
- 1 to ½ a point bank fee
- NO PPP and 7.375% rate
New 5 and 7 year SWAP program with Yield Maintenance
- Rates starting at 6.5%
- 3 years I.O available and a 30 year amort.
Nicholas Hubbard | Managing Partner
314-252-0299
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Permalink Reply by Chad Davis on
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If the buyer is looking DSCR financing which is low doc maybe the 8% range or with a Fannie/Freddie program maybe the mid 6's. All depends on the documentation buyer can provide and the time frame they have to close. Feel free to reach out to me at admin@stranixcapital.com or 804-357-8633
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As others on this thread have pointed out, the rate could be as low as 6%.
However, our fully-licensed mortgage lenders perform their due diligence before issuing a formal terms document.
We are a relational firm so we like to know who we are dealing with before we issue a formal terms document.
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Permalink Reply by Admin on
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D Clark,
I can say as the owner of this website that each person that has responded to your funding request is 100% legitimate. You have 2 good Brokers and a Correspondent Lender to choose from below. If you have not already found funding for this transaction in Brooklyn, you can't go wrong with any of the options below. Message me if you have questions but this is a deal any of these loan officers can do for you!
Monty
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Permalink Reply by WKL David on
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Hi There :
Please send your related project Executive Summary and other related information to David Lee Email: davidwklee@davidwkleeglobalfunding.com for our immediate perusal.
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