We are a DIRECT Lender with several great funding programs to assist Mortgage Brokers and Real Estate Investors in 45 states!Here are just a few of our programs that are designed to assist you with all your Commercial and Residential Rental needs:* Buy & Hold Residential 1-4 Unit properties up to 80% LTV Purchase/Refinance and to 70% Cash Out Refinance* LITE DOC Small Balance Commercial Funding to 80% LTV on property types including Multifamily, Mixed-Use, Retail, Self Storage, Warehouse,…See More
Do you work for a company that offers Unsecured Funding, LOC, or Start-up Funding? Are you an Affiliate for a company that offers these services? If so, post your company information and your Affiliate Link here in this group. Sign people up, help others get funding, make more money for yourself!See More
Elite Factoring is a St. Louis based finance firm that specializes in Invoice Funding, Purchase Order Financing, Merchant Cash Advances, Equipment Sale Leaseback Financing and Commercial Hard Money Loans.
Comment Wall (3 comments)
You need to be a member of Real Estate Finance to add comments!
I have a deal in New York that I'm looking to get funded. I need rehab funds-$150k-on a 9642 sq ft mixed use property (I already own the property). I got it at an auction price (from a foreclosure situation) so to speak-I paid $12k (ARV is $200-$250k+). It has 9 apts.-ranging from efficiency to 3 bedroom-and a commercial space on first floor with dining room, dining/dance area with stage, 2 "bar" areas-one with large gathering area, 4 bathrooms, office, kitchen, 2 storage areas, and entry area leading to 2 upper floors of apts.
It needs electrical and plumbing overhaul, and a decent amount of aesthetic repair and upgrades. I have already had an inspector go through to give us more of a specific idea as to the scope and necessities required according to law, code and such, and contractors are almost done with the SOW. I don't know if I would be able to do a refinance-type loan on the ARV, or if it would have to be straight rehab?
Needs to be a stated, asset-based deal, as the revenue from the property after rehab (DSCR) would be the main consideration as well as the ARV. I am trying to connect with a lender that will wrap as much into the loan as possible even if it means an extra point or slightly higher interest initially to be able to have as little needed as possible at closing since funds are getting tight at this point due to delays. MIGHT even consider short term equity deal of profit percentage. I also have an OO property with some equity if needed.
I have good credit-no negs-and a 700 score (was higher until recently-had to purchase a vehicle). Once rehab is done, immediate revenue will be $6300 per month from apts., and within an additional 1-3 months or so that figure will jump to approximately $15k+ per month.