Side List: Who Has Funding for Multi-Family Housing for under $100K?

[Marti Castle Warr]

A BIG thanks to Amy Thornton for her similar discussion on Funding for Multi-Family Housing, but perhaps we can shorten the list a bit to make it more useful for those on a little smaller budget, like me!

Same request for LTV, Loan Terms, etc. applies.

[Jared Rine]

Where are you picking up 5+ units for under 100K...Even most residential lenders don't want to do loans that low.

I only have 1 group in hand that will do multifamily that low, and while their rates are solid for full document loans, it will cost you with regards to origination charges at close.Either that or I know of a couple hard money groups that will do them, but again it's going to cost with regards to points and interest rate and you prob won't get better than 65 LTV.

Best,

Jared

[e-mail]

209 481 0514

[Marti Castle Warr]

Hi Jared,

Your question made me smile. I live and work in South East Idaho, more specifically, Idaho Falls, Idaho. Our real estate prices here do not reflect much of the market in the more metropolitan areas of the country so it seems. I have only managed to pick up one 5+ property for $50K and that was on a deal of a lifetime.

Right now I'm working on a 4-plex that is listed for $159,900, and while I'd like to negotiate the price down even further, at it's current asking price, it is a full $15K-$40K lower than 3 other neighboring 4-plexes that have sold recently in the same complex.

What would be the terms from your lender for such a property?

Marti Castle Warr
208-351-5533

[Marcus Simpson]

Marti,

Peak Choice Capital is  located in Neenah, WI. We provide direct lending for various commercial request with urgent financing needs.  Peak Choice Capital fills the gap and helps commercial clients achieve high level financing. We are changing the way business capital is achieved and we take pride in the way we have simplified the application process. (No broker chains involved) Our commercial finance is suited for self-employed and private borrowers that struggle with SBLA and typical bank regulations.

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LTV/LTC maximum 70%

Loans from $25,000 to $1,500,000 (minimum property value of $75,000)

Credit rating 600 min (650 credit Minimum Required over $500,000)

No hard credit pulls

Limited documentation required.

2-3 Weeks for a complete close. 

From 5 to 30 Year Fixed-No balloon

Decisions within 48 hours of application

No upfront fees or hidden cost

Interest Rates from 9-11%

[e-mail]

www.PeakChoiceCapital.com
www.linkedin.com/in/marcsimpsonpeakchoicecapital/

Phone: [phone]

Fax: [phone]

Skype: EmpoExpo

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Hello,
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