7-Unit Apartment Building need FUNDING- ARV $750K

[Corey Hoeft]

Property has an as is value of $400k-$450k

Currently is 100% rented and occupied.

Current rental rates are $4,515, but 15%-20% under market, $7400 once rehab is completed.

ARV is $750K.

It needs $150k-$200K of rehab.

Looking for a 8-12 month loan for $550k-$600k (purchase price and rehab) that would be in 1st position at an interest rate of around 9%

Will do a traditional refinance with a bank once rehab is complete and rental rates are raised and in place.

Property is in Ames, IA within walking distance of Iowa State University.