Loan suggestions on 26 unit?

[Mike Dawson]

Hi. I'm looking at a 26 unit motel in a tertiary market. Current financials(according to the P&L) show a little over 35k NOI. Converting to an extended stay, that NOI would be closer to 76k, not including debt service. That's also not including any other income streams created during the renovation, like vending machines and coin operated laundry. The property looks to be in good shape, so not much capex expected for repairs. I was hoping the owner could finance, but they have a loan in place, so I need a loan to purchase. PP is <300k, and all of the banks I've been looking at aren't interested in something that low, or are not familiar with the extended stay/temp housing model.

Could use recommendations on lenders.  Thanks, all.

[Erik Estrada]

Quote from @Mike Dawson:

Quote from @Erik Estrada:

Quote from @Mike Dawson:

Hi. I'm looking at a 26 unit motel in a tertiary market. Current financials(according to the P&L) show a little over 35k NOI. Converting to an extended stay, that NOI would be closer to 76k, not including debt service. That's also not including any other income streams created during the renovation, like vending machines and coin operated laundry. The property looks to be in good shape, so not much capex expected for repairs. I was hoping the owner could finance, but they have a loan in place, so I need a loan to purchase. PP is <300k, and all of the banks I've been looking at aren't interested in something that low, or are not familiar with the extended stay/temp housing model.

Could use recommendations on lenders.  Thanks, all.

 What is the occupancy %?

 Owner couldn't give me an answer exactly. 

We would need to know the occupancy % and your experience to verify what loan program you can qualify for.