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70+ unit property for sale co
I have a odd question, 70+ unit property 6mill left on note 5.50 30yr amortized assuable 3 yr i/o remain
BP calculator, Cash flow is positive cap x 1.5mill in Improvemennts in the last year with 20 units for value add improvements
where do I go to get approved or a deal or a foot in the door?
can I have nibble to learn and grow
thanks in advance..
I presume you are looking to assume the current loan? What is the purchase price or capital required to assume the note? It will be difficult but not impossible to find a lender that will take second position and very likely the first lien holder will be apprehensive to a subordination agreement..
The terms will not be as favorable likely in the 7-8%'s I/O but on a new mortgage there are investors that theoretically can finance 'unlimited' units..I think with our team it's 250+ up to $100M. They are definitely a bit more involved and usually require two commercial appraisals. Qualification is based off property income and LTV's can range from 55-70%. Commercial lenders don't usually offer 'pre approvals' but will provide sellers with a letter of intent. For a property of this profile they will require fairly extensive documentable property investment and management experience. Check in with @Joseph Chiofalo they work multi family nationwide and would be an excellent initial feasibility resource. Sounds like a great project. Good luck!
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Real Estate Agent California (#02071578) and Oregon (#201231202)
- 541-800-0455
- https://anthonywong.fathomrealty.com/Oregon-coast-vacation-rentals
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Thanks for the info this is very helpful
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Hi Joshua,
Where is the property located?
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Lender
- 954-480-7478
- https://nmbnow.com/jchiofalo/
- [email protected]
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Thanks for the info this is very helpful
Colorado