70+ unit property for sale co

[Joshua Mckenzie]

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..

[AJ Wong]

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! 

[Joshua Mckenzie]

Thanks for the info this is very helpful 

[Joseph Chiofalo]

Hi Joshua, 

Where is the property located?

[Joshua Mckenzie]

Thanks for the info this is very helpful

Colorado