Seeking lender for refi loan on multi-unit property

[Jeff Witherite]

My company purchased an 11-unit multi in January. We were able to increase rents by 40%+ and have signed lease agreements in place with full occupancy. We would now like to refinance the unit based on Income valuation methodology. We seek to use excess proceeds from refi as down payment to purchase another smaller size multi property. I am seeking suggestions for lender(s) that would be willing to lend to our LLC with limited cure period requirement (6 months or less) using Income valuation approach with no / limited additional criteria. Thank you.

[Devin Peterson]

You will have some bridge loan options here, but your more attractive options may be limited due to seasoning requirements with commercial aspects. Happy to connect to discuss options that are out there.

[Conor Deasy]

Hi @Jeff Witherite, congrats on increasing the rents by 40% on that 11 unit! Shooting you a DM to see how much you could get back with the refi. 6 months or less seasoning wouldn't be a problem either. 

[Chad Davis]

@Jeff Witherite Sent PM

[Deborah Wodell]

Hey @Jeff Witherite

I have lenders who can do it with 6 months seasoning. Send me a dm

[Erik Estrada]

Quote from @Jeff Witherite:

My company purchased an 11-unit multi in January. We were able to increase rents by 40%+ and have signed lease agreements in place with full occupancy. We would now like to refinance the unit based on Income valuation methodology. We seek to use excess proceeds from refi as down payment to purchase another smaller size multi property. I am seeking suggestions for lender(s) that would be willing to lend to our LLC with limited cure period requirement (6 months or less) using Income valuation approach with no / limited additional criteria. Thank you.

 You should be able to finance this on a commercial loan with no seasoning or personal income required to qualify. Rate will be on the high end, but it can be done with a reduced PPP. Happy to connect