First MF under contract! Commercial lending help please

[Alice Huang]

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

[Freddie Williams]

awesome.