First Corporate Funding for Multi-Family in Charleston

[Tim Schmitz]

I am attempting to make that jump from SFR rentals to MultiFam. Just like Rich Dad taught me, Right? Trade in little green houses for the big red hotels! But, turns out, it is quite a jump. I have talked to many national and local lenders and have two brokers working on it, but I am not finding the funding I need. Nobody wants to do more than 70% LTV. The apartment complex I want to buy is a great deal, has amazing cash flow, and opportunity to add value for a great exit plan. But, my little company just doesn't have the cash for such a large down payment. I know I can look for investors to partner with, but I really want to do my first one by myself to establish a good track record.

There are a lot of smart experienced multifam investors out there on BP and I am hoping you might steer me to a lender willing to take a bigger share of the risk or share some advise on how to find one.  The numbers are really good, the Charleston market is very stable, my company has a Paydex score of 80 and my credit score is 830.

Thanks, Tim