Multifamily ReFi and Value Add Debt Needed in Biloxi, MS

[IL Kim]

I am a mortgage broker and I am struggling finding a lending program that will work for my client. He would like the refinance and construction to be done with little to no down. 

I have an 18-unit multifamily refinance with value-add construction financing included. 

The borrower, is an experienced commercial banker who focuses on acquiring, renovating, and stabilizing distressed apartment complexes. 

The property will gradually vacate units as rehabilitation commences, pre-leasing renovated units during the construction period. Presently, the units are rented below market rates, but upon completion, rents will be adjusted to market levels at $1,150 per unit.

 

Property Highlights

• Address: Biloxi, MS 
• Number of units: 18
• Unit details: 3 bed/1 bath 800 sq ft
• Property acquired in November 2023 for $715,000.
• Mortgage: $710,000  
• Renovation Budget: $450,000
• As is Value: $920,000
• ARV: $1.65 MM

Construction Details

Exterior 

• New Balconies
• Structural repairs
• Stair restoration
• Security gate

Interior

• Flooring
• New kitchen appliances
• New fixtures, lighting, and popcorn ceiling removal
• Removal of a wall to go from 3 bed/1 bath to 2 bed/1 bath

Loan Details

• Loan amount: $1,160,000
• Term: 12 to 36 month
• Loan to value (as completed): 70%
• NOI (as completed & 10% vacancy factor): $123,000
• DSCR (as completed): 1.4

Borrower

• Net Worth: $3.77 MM
• Liquidity: $172,000
• Background: Holds 150 units in his portfolio

[Alexandro Bomen]

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.
[e-mail]

https://alexandroalwarb.com

[Admin]

Hi Il.

Would you like to schedule a phone call to discuss this? This is a very doable transaction unless there is something I am missing? How about tomorrow 1 PM Eastern time? 208-794-7430.

Monty (owner of Real Estate Finance)

[IL Kim]

That sounds good. My number is 307-752-2666

[WKL David]

Hi IL Kim :

How are you doing?

Visit our US official company website below and apply online directly for your related funding request:

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

David Lee

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

https://davidwkleeglobalfunding.com

[Alexandro Bomen]

GET YOUR  GUARANTEED LOAN HERE.
Are you an Investor, Business Owner,  Contractor,Broker, Farmer, Start up  e.t.c? Perhaps you need funds to buy properties, fix/flip, improve on your Services / Establish. ALEXANDRO A BOMEN  INTERNATIONAL INVESTMENT / FINANCIAL COMPANY is out to help those in need of finance archive their goal. We invest on properties, projects / business and also offer all type of loans to interested persons from any country, for any purpose, with any credit rate. Have you been turned down by banks or other lenders? we can offer you the loan you need at an affordable rate.
  We also work with Brokers / Persons who have clients seeking loan or who can refer clients seeking loan. Contact us through the below email if you need a loan / investor or have people who need.

   [e-mail]

 

https://alexandroalwarb.com