Multi-Family and Apartment Investing
Market News & Data
General Info
Real Estate Strategies
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/hospitable-deef083b895516ce26951b0ca48cf8f170861d742d4a4cb6cf5d19396b5eaac6.png)
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/equity_trust-2bcce80d03411a9e99a3cbcf4201c034562e18a3fc6eecd3fd22ecd5350c3aa5.avif)
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/equity_1031_exchange-96bbcda3f8ad2d724c0ac759709c7e295979badd52e428240d6eaad5c8eff385.avif)
Real Estate Classifieds
Reviews & Feedback
Updated about 3 years ago on . Most recent reply
![Alice Huang's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1658430/1639752320-avatar-aliceh33.jpg?twic=v1/output=image/crop=825x825@2x0/cover=128x128&v=2)
First MF under contract! Commercial lending help please
Hello everyone,
We just got our first MF under contract. Not sure how to approach it (re: funding, loan apps and etc)
Here are the numbers:
Total units: 7 (4x 2 beds, 3x 1 bed)
Purchase price - $675,000
Renovations - $20K estimated on one unit but it can be deferred
Current as is ARV (estimated) - $950K
Current Rents - $6,050 (all month to month lease)
Projected Rents - $9,000 (market)
Taxes - $20,000
Current NOI - $33,310
Any pointers would be appreciated on how to proceed, what to look out for and etc
We close in 60 days.
Thank you all.
Best,
Alice
Most Popular Reply
![Alice Huang's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1658430/1639752320-avatar-aliceh33.jpg?twic=v1/output=image/crop=825x825@2x0/cover=128x128&v=2)
Originally posted by @Adam Lacey:
Congrats @Alice Huang! Is the $20k the only reno that you'll be doing or is this a larger project to hit that market rent? With a deal that size I would find the local banks near the property and contact all of them. Be ready to pitch the property and why it's a good investment. If you have a partner with experience working on similar projects, that is a huge boost to your credibility with lenders.
Hello Adam,
1 unit out of 7 is being evicted, so we are renovating that unit first. Estimated rehab to be $20k for the first vacant unit.
My partner has been in touch with local banks. We should get a pitch deck ready. THANK YOU!!!