Funding needed ASAP for MF property in Jacksonville, FL

[Redie Armon Jr.]

Hello,

Here is a little bit about the investment property we are looking to buy & hold for cashflow etc.

112 units (CBS)
• $3.25MM
• C+ Property
• Built 1983 (verifying this info)
• 60-70% occupied
• 36 more units to be released for rental next week

• All units getting fully rehabbed. Hot water heaters, A/C, New Flooring, new paint in & out. No leaks. Brand new playgrounds.

• this property is currently under construction and will be ready no later than February.

• this price includes the remaining rehab costs and Property management

• Current owners want to stay on to finish construction and to stay on board
as property management company.

• This is on the West side of Jacksonville with transportation nearby.

•Properties like these units brand new are selling for $42K per door. These are selling around $29K.

• Have to move fast as the price will go up $100-$200K in 2-3 weeks

• These are off market and will not be found anywhere for sale.

• The owners will ask for a bank verified POF (30 days out or less), so we would need a POF from the funding source.

• This deal is cash or hard money only

• NOT a bank owner property

The purchase price includes rehab and property management cost? Rehab, yes. Management is 4% of GCR.

Property Management will handle everything concerning the proerty. Complete operation of the asset. A/P, A/R collections, leasing and complete property care. Owner simple cashes a distribution check, all else is done.

All new with upgrades throughout. New appliances, mechanicals everything is being redone.

Unit mix is

 

28 1/1

72 2/1

12 3/1

 

The place is a fortress and will be virtually tenant proof once complete. Block construction with concrete floors and roofs. Hard floors and knock down on all walls. All new top to bottom. With a 5% float you have 106 units at average rent of 550 a gross of 58,300. With a 50% expense ratio your NOI is 29,150 a month. For the year that is 349,800 at a 9 cap rate your value is 3.9mm. At the comp rate of 42K a door you are at 4.7mm. Possible to net 1.6mm from the deal in short time frame.

 

70% is already occupied and cashflowing, 36 new u nits were just released 2 weeks ago.

 

Sincerely,

 

Redie Armon Jr.

[e-mail]

 

[Marcus Simpson]

Redie,

Just sent some information over to you a few moments ago. When you review the information, please advise if you have any questions or concerns.

Best regards,

Marc Simpson

[e-mail]

www.PeakChoiceCapital.com

www.linkedin.com/in/marcsimpsonpeakchoicecapital/

Phone: [phone]

Fax: [phone]

[Redie Armon Jr.]

Thanks Marcus,

 

We have he funding in place for tis property in FL.

 

Thanks again,

 

Redie

[Samuel Thomas]

Send me executive summary of your project to [e-mail]

[Jeffrey Silver]

I would like to learn more about the project. We are direct private commercial lenders who fund all over the U.S and a good part of the world. You can contact me at:

Jeffrey Silver

[e-mail]

201-342-8500

[Ron Coleman]

Redie,

As a commercial lender our process is simple, consistent and fully transparent with information provided for your due diligence of our organization, history, references to ensure that you are comfortable in allowing us to be your financial partner in this and future opportunities.  We believe that the relationship is as important as the funds if we are to work in harmony to achieve your goals.  We are direct funding sources offering several programs including an International Investment Banking Group up to 100% funding either debt or equity or combination worldwide!  We fund based on the project strength not LTV or LTC.   We are interested in the Energy, Technology, Mining, Real Estate and Business- (lines of credit, working capital, contract financing, purchase order financing, factoring, etc.) sectors. 30 year proven track record!  

We offer pricing is bank rate or better with terms of 3, 5,7,15 & 20 years.  No front fees. Principals must cover third party cost prior to closing. Our market is domestic and international. To move forward we will need an executive summary with proforma or actual income statement for 3-5 years, use of funds statement and exit strategy showing timeline for repayment along with bio/resume of Principal and their team.

We provide funding for the borrower’s capital request in the form of debt, equity or a combination and allow all documented expense and fees paid by the borrower to be stacked on top of the funds requested.  We can offer a moratorium on payments until the project is stabilized and cash flowing if the timeline to stabilization is reasonable.

 

(The following remark is not intended to offend but stated because of so many request from those who believe that all cost can be paid from closing proceeds):

 “If there are no funds available to cover project cost and principals expects the lender to pay the necessary cost to determine if the project is lendable, close and fund the project and get their expenses from the loan proceeds then no one I know of can help you.”   I have 28 years experience in this industry and have never seen that happen with lenders in the US, Western Europe or anywhere else.

NEPCO, INC - FUNDING FOR PROJECTS AND ASSETS IN THE ENERGY, TECHNOLOGY, MINING, BUSINESS AND REAL ESTATE SECTORS-WORLDWIDE

Ron Coleman, President

770-572-7765-ofc; [e-mail]; nepcoinc1 -Skype

[Jeffrey Freis]

Jeffrey B. Freis, President

Jeffrey B. Freis Associates, Inc.

Tel: [phone]

Fax:[phone]

Email: [e-mail]

www.jbfreisassociates.com

Jeffrey B. Freis Associates, Inc. its affiliates and principals are not a United States Securities Dealer nor Broker nor US Investment Adviser.  Jeffrey B. Freis Associates, Inc. its affiliates and principals is a Consulting Firm. All Emails and related correspondence are never to be considered a solicitation for any purpose in any form or content. We do not intend to, nor do we, provide investment advice or counsel to any particular transaction. 

[Simcha Edward Margolis]

Glad to finance the deal, I am sending you an email with my full contact details.  

We successfully financed $2 Billion approximately in 2013.  Please feel free to 

contact me any time. 
Simcha Edward Margolis

[Sami Yousif]

We Fund Real Estate Investors Funding, Construction Loans, Start up Loans,Mortgage Loans, HUD Personal Loan, Business Loan, FHA Loans ,VA loans Conforming Loans etc.We fund early stage-start-up ventures, partnership, existing Ventures and do total completion and investment expansion projects. Leverage walk-in equity on discounted commercial or residential purchases,Brokers welcome! Contact us for start-up funding, commercial RE Finance, seed capital, early stage start-up ventures, Joint Venture/Partnership investment, Loan,Mortgages. We can fund excess of $800M. For More details send enquires to [e-mail]

[Marvin Benjamin]

Redie Armon

Good morning Marvin Benjamin here! Please email myself an Executive Summary
On your project for funding along with your contact information. My sources
Can fund these deals for you ASAP. Once you meet their qualification. I
Will await your reply.

Thanks,

Consultant
Marvin Benjamin
[e-mail]
646-763-4113

[Redie Armon Jr.]

Thanks Marvin,

 

We already have the funding in place now for this commercial property.

 

Thanks again.

 

Redie

[billgow]

I may be able to do a bridge to perm for you as long as the perm is a sure bet.

Bill Gow

[e-mail]

928-522-3255

http://uscommercialcorp.com/

[Redie Armon Jr.]

Thanks Billgow, but we have the funding source for this commercial property in place now.

 

Thanks again.

 

Redie