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Updated over 16 years ago, 06/27/2008
Apartment complex loans, ~1mm - 2mm
Hi,
I'm going to be purchasing a apartment complex (or a few, depending on how much I have to put down) in the near future. I have a personal credit score of 750, an income of ~110k, and 200k in liquid assets.
I'm looking at a number of reasonably similar properties. One of the best is a 56 unit brick building in Michigan, asking 900k, recently renovated, gross rent 310k/yr, NOI 177k/yr, DSCR thus >2.
I'd like to know what mortgages might be available at different down payments. E.g. what terms could I get with 20% down, 10% down, or even nothing down?
Looking forward to some answers soon, I'm hoping to move quickly!
Andy