8 Unit Complex and 2 SFH

[Rob Jones]

Hello Fellow BP'ers!

My wife and I have been negotiating with the owner of an 8-unit multi family and 2 SFH's in Missouri. Asking price for all is $299,900. At the moment, my wife and I are in the midst of closing on a condo in our home town so 25% down on $299,900 will be pretty much impossible. Because of this, we have asked if the seller could provide the 25% down at 7%, interest only, for 2 years with a balloon at the end. The seller has accepted. Now we are in the process of seeking a lender for the remaining 75% so I wanted to reach out to the community to see if anyone had some recommendations. The owner took pride in recording every single expense and has detailed reports for the past 3 years, maybe more. He is selling because he wants to invest in a new area that he feels is up and coming. All units are occupied and are month to month with long term tenants. Property management is also in place.

Financials are as follows:

Gross Profit for 2015--$68450

Gross Expenses for 2015--$34693.56

Net Income for 2015--$33756.44

Gross Profit for 2014--$70295

Gross Expenses for 2014--$43686.64

Net Income for 2014--$26608.36

Gross Profit for 2013--$70264

Gross Expenses for 2013--$25479.23

Net Income for 2013--$44784.77

Any and all insight from you all would be much appreciated!  Thank you in advance for the valuable insight :) 

[Andrew Doolittle]

Here are a few I'd recommend after personal experiences with them: 

Southern Bank - Commercial loan officer, Lane Hamilton.

BluCurrent Credit Union - Commercial VP of lending, Brian Roy.

Best of luck!