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

[772a42ed9dda4fccb9a81e1a895a3853]

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[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?

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[WKL David]

Hi there:

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

[WKL David]

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