Income properties are lined up. Brokers are waiting. I need hard money lenders .

[Paul Klei]

I've got several active projects: multifamily, motels/hotels, self-storage. Solid NOI and DSCR. Could handle aggressive interest rates. Easy to add value and refinance/cash out. Properties either have or will have 3rd-party management.

Example: 

Hotel

Keys: 49

NOI: 278k

Asking: 2,650,000 - 40% down

Loan amount: 1,060,000

DSCR: 2.62 at 10%, 1.31 at 20%

Flag: Unflagged but green light from Motel 6, Super 8 and Best Western.

Value add: Bring rack rate to market. Flag. 

ADR, revpar: N/A off the top of my head.

I've had a few lenders show interest but they are slow to respond and I don't know whether they are reliable. It's been confirmed to me that if the purchase price is under their LTV threshold (the hotel above would be 40% LTV), then the purchase would technically be 100% funded - that's the structure I'm presently seeking*. I've got brokers on the line who have persuaded their clients to lower their asking to a certain LTV, or, sellers offering owner financing. In that case I would just need the down payment to be under the lender's LTV, and the seller would be in the junior position. I've seen the financials and I've done the negotiating. I need reliable hard money lenders to jump on these turn-key deals. I'm more concerned with acquisition than with personal cash flow, so I only need the NOI to be able to service the debt, at whatever interest rate gets the deal done, with enough spread to also pay the seller if necessary. I'm also willing to give preferred equity. *I've been in real estate for+/- six years, working exclusively with land. That had been my sole income. Last year I had multiple breaches of contract that lost/cost me a lot of money. Funds are allocated to attorneys and care for elderly parents. Capital is tight and credit has suffered. So I'm looking for true hard money financing underwritten exclusively to the property.