A 710 FICO borrower is looking for a private investor to help finance the purchase of 16 apartment units. These are located in close proximity to downtown and major highways, schools, police precinct. Investment has strong cashflows even at 100LTV. Occupancy rate has historically been at >99% and vacancies are filled within two weeks of becoming available. Buyer is looking to put down 15% on the purchase. Loan size is exactly $500k.
The units occupy four buildings in a community of 300 appartments. The HOA is responsible for the upkeep of the building structures (walls, roof, fencing etc.), as well as the swimming pool, tennis court, volleyball court etc.
I was told that since the 16 units are not located in a single building, I need to find a private investor because these units do not qualify for a traditional commercial mortgage. If you're a private investor and could potentially be interested in extending this type of financing, please contact me directly at ge0rgi@msn.com.
Thank you.
-GI
Full Version: Looking To Finance 16 Separate Condo Units
Go the hard money route.
QUOTE(Georgi @ Jan 9 2006, 03:45 PM)
A 710 FICO borrower is looking for a private investor to help finance the purchase of 16 apartment units. These are located in close proximity to downtown and major highways, schools, police precinct. Investment has strong cashflows even at 100LTV. Occupancy rate has historically been at >99% and vacancies are filled within two weeks of becoming available. Buyer is looking to put down 15% on the purchase. Loan size is exactly $500k.
The units occupy four buildings in a community of 300 appartments. The HOA is responsible for the upkeep of the building structures (walls, roof, fencing etc.), as well as the swimming pool, tennis court, volleyball court etc.
I was told that since the 16 units are not located in a single building, I need to find a private investor because these units do not qualify for a traditional commercial mortgage. If you're a private investor and could potentially be interested in extending this type of financing, please contact me directly at ge0rgi@msn.com.
Thank you.
-GI
The units occupy four buildings in a community of 300 appartments. The HOA is responsible for the upkeep of the building structures (walls, roof, fencing etc.), as well as the swimming pool, tennis court, volleyball court etc.
I was told that since the 16 units are not located in a single building, I need to find a private investor because these units do not qualify for a traditional commercial mortgage. If you're a private investor and could potentially be interested in extending this type of financing, please contact me directly at ge0rgi@msn.com.
Thank you.
-GI
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please click here.