Need a mixed use lender for a 16 unit apartment building with storefront on first level

Hi there! I'm Pat Allen and I have a client that would like to refinance a mixed use property in a suburb of Dallas, Texas. The client would like to avoid a short term bridge loan and instead refinance with something along the lines of a 5 or 7 year ARM or ideally something even longer if possible. Credit in the mid-600's. Building cash flows very well with all lower level suites leased and 14 of 16 apartments leased as well. Amount owed is $778,000. Value should come in at around $1.9 million. Not interested in hard money. We all have access to that. Need something with reasonable terms so that this client can increase her cash flow. She is currently paying 7.9% and her current loan must be refinanced by 5/21.

Please message me here if you have something that would help her!

Patricia Allen

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Permalink Reply by Jared Rine on January 8, 2021 at 10:31am

I'd say to reach out if you're amicable to working with a broker, but that mid-600s fico is going to be tough to mitigate even with alt/portfolio lenders, and so is the loan amount on some level. Might have one or 2 potential sources. Have you called around to any local/regional banks or CU's near the property?? What hasn't the client been able to go get bank/CU financing? What's been the major issues? Feel free to email/message. Thanks, Jared

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Permalink Reply by WKL David on January 8, 2021 at 11:46am

Hi Patriotic Investor :

Where are you located ?

Send us your Executive Summary with your related business documents and your company full contact details for our review.

Regards,

David Lee

https://davidwkleeglobalfunding.com

Email : davidwklee@davidwkleeglobalfunding.com

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Permalink Reply by Ernest Machelin on January 8, 2021 at 2:25pm

Do you need any kind of loan to fund your project? if yes, let us know so we can send you more about the lending program. Contact us info@sptlendinghome.com

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Permalink Reply by Wilson Curtis on January 10, 2021 at 9:56am

Happy to connect, If you ever intend to secure a loan for real estate, I will be able to help. We do 100% financing with one of the best rates in the market.

Contacts: wilson.curtis248@gmail.com

480 645-9237
Regards,

Wilson,curtis

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Permalink Reply by Doug Braxton on January 12, 2021 at 2:46pm

Hello Pat Allen,

I’m a commercial mortgage broker with no upfront fee. I would be happy to assist your client with obtaining a loan. Minimum 620 FICO, rates from 4.25%+, up to a 75% LTV, up to a 10 year term and up to a 30 year amortization. Close within 45 days.

Contact me to discuss further and/or to obtain a Soft Quote outlining the specific loan terms, cost and reserve requirements.

__
Doug Braxton
Commercial Mortgage Broker
Braxton and Company
P:(800) 230-1424
www.braxtonandcompany.com | www.1-4investor.com

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Permalink Reply by carlos clark on January 19, 2021 at 9:45am

Hi Patricia

Have you secured funding for this property yet? If you haven't can you let me know here or at carlos@cdccapitalpartners.com. I maybe able to assist you in getting it done

Regards

Carlos