Lending on Multifamily

[Chetan Malik]

Hey Lenders,

I currently own 17 doors in Little rock and surrounding areas and i have about $530k in equity at current market price factoring in the appreciation at a sale price of $1.5 million and the loans are 5/20 at 8% or more. Are there any lenders out there who can refinance the portfolio at a better rate or help me close more deals with this equity? Is it even possible? Any help is appreciated.

[Hadar Orkibi]

Hey @Chetan Malik the lending Market in Little Rock is getting tighter. Rates are around prime rates, which are currently at 8.5%. Most lenders are at that or even 9%-9.25%.

Hopfully some cuts are coming starting in March 2024 which would lower the rates. Your profile doesn't show where you are from. Most community lenders in AR prefer to lend to local investors, and some banks have a limit on how much they can loan to out-of-state investors. It took me a few years to get established in that market. DM if you want to discuss further. 

Cheers H