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Do you need real estate funding to purchase or refinance an investment property? Post your request here! The more details you provide about your funding needs, the more likely it is that your request will be answered by our members that offer funding. Be sure to leave your contact information so those that provide funding can get ahold of you to discuss your options.

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Comment by Greg W on May 2, 2024 at 1:54pm

My name is Greg and I live in Washington state near Port Orchard in Kitsap county. My real estate agent showed me a duplex in Bremerton that I think has great potential. Off market, $660k, one unit is occupied with a renter paying $1950 a month on a 2 year lease. The other unit recently became vacant. I believe a debt service loan would work for this. I am an experienced investor with 3 rentals already, and I can put down 20% of the purchase price if needed. Credit score is only 690 due to some high credit card debt but I have never made a late payment on any of my accounts. I normally purchase under an LLC and would like to do so on this purchase as well. I am new here so I am going to post this finance request without my phone number. Just PM and I am happy to connect for financing. 

Comment by IL Kim on May 2, 2024 at 11:34am
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

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