Dallas 6 unit multi-family 90% LTV investor

[Yonic M.]

Hi folks - I'm interested in purchasing a 6 door (2 SFH + 2 duplexes) portfolio in Ft Worth, Texas. The asking price is $1M and lender can finance up to $700K. I'm expected to bring $300K in cash to close. I can bring max $200K and property will need repairs. I can bring ~$200K but would like to bring ~$150K, ideally $100K. ARV is $1.1M. Monthly rent potential is $9K/month and seller loan is interest only for first four years then a balloon payment in year 4.

Anyone know lenders that could help me with this transaction and lend me ~$100K - $200K?  

[Rivers Fike]

Hi Yonic,

   I’ve done a few similar loans to this in the second position. Maybe a private lender could help bring a creative solution for you.  

    Feel free to PM me if you’d like to discuss more details or brainstorm ideas. 

[Erik Estrada]

Quote from @Yonic M.:

Hi folks - I'm interested in purchasing a 6 door (2 SFH + 2 duplexes) portfolio in Ft Worth, Texas. The asking price is $1M and lender can finance up to $700K. I'm expected to bring $300K in cash to close. I can bring max $200K and property will need repairs. I can bring ~$200K but would like to bring ~$150K, ideally $100K. ARV is $1.1M. Monthly rent potential is $9K/month and seller loan is interest only for first four years then a balloon payment in year 4.

Anyone know lenders that could help me with this transaction and lend me ~$100K - $200K?  

 Hey Yonic, 

Does the property need significant repairs? The ARV is tight at $1,100,000.. If the seller is opening to carrying in second position, you may finance up to 90% CLTV on a Commercial loan.

[Devin Peterson]

Ask the seller to carry 2nd position.

[Magnus Wikström]

Hi Yonic,

I think it makes more sense to use a lender that gives you higher leverage straight up, and that potentially allows you to defer interest payments and origination costs, to save further liquidity.

I can probably help you if you want. Message me if you want to jump on a call.

Magnus