8 Unit assumable loan. Need Help

[Giordano Rodriguez]

Hello Friends,

I have an opportunity to purchase an 8 unit property in the Hudson Valley- Kingston NY. The loan is an assumble commercial loan for $270k the seller is looking for his equity portion of $80k. The total is $350k. 

Looking for creative ways to get this deal done. Could I assume the loan at $270k and take out an equity loan for $80k to pay the seller? 

What could I expect from the bank? 

How could I get this done?

Thank for your help. 

Gio

[Giordano Rodriguez]

Hello Todd!

Thanks for the reply. The rate is 4.5 variable after 5 years. 

Please see numbers below. 

RENTS 2016 Total Rent Collected  $75,300
#301 $800.00  2 Bedroom #302 $750.00  2 Bedroom #303 $725.00  1 Bedroom #304 $775.00  2 Bedroom #305 $750.00 1 Bedroom  #306 $825.00 2 Bedroom  #307 $850.00 2 Bedroom  #308 $800.00 2 Bedroom 

2016  Expenses - $27,007.09-  2016 Income –$75,300 
Property Tax $7,296.05 School Tax $9,314.56 Central Hudson $584.72 Water/Sewer $3,311.76 Insurance $4,500 Snow removal $400.00 Garbage removal $1,200 Lawn care $400.00