Long term financing for 12 unit complex

[Eric James]

I am completing construction of the final 2 apartments of a 12 unit complex. Looking for a lender to do a long term cash out refinance. Looking for suggestions for possible lenders on this size development. Thanks.

[Devin Peterson]

Quote from @Eric James:

I am completing construction of the final 2 apartments of a 12 unit complex. Looking for a lender to do a long term cash out refinance. Looking for suggestions for possible lenders on this size development. Thanks.

Hey Eric, there are plenty of great options out there on BP. Would the property be 100% leased? How long ago did you purchase the land/building? Was this a GUC project to start?

[Eric James]

Quote from @Devin Peterson:

Quote from @Eric James:

I am completing construction of the final 2 apartments of a 12 unit complex. Looking for a lender to do a long term cash out refinance. Looking for suggestions for possible lenders on this size development. Thanks.

Hey Eric, there are plenty of great options out there on BP. Would the property be 100% leased? How long ago did you purchase the land/building? Was this a GUC project to start?

 Land was vacant when I purchased. 5 apartments were completed and rented a year ago. Another 5 were recently completed and rented. Am under construction of the last 2 apartments.

[Joseph Chiofalo]

Hi Eric, 

When do you expect the other 2 units to be completed? 

There are lenders that will go up to 29 units. 

How much were you looking to borrow?

[Mary Ainsworth]

Hi Eric, 

I sent you a PM but I think I can help. Our multifamily DSCR rates are fairly competitive, but I'd need more details to give you a soft quote.

- 30 year fixed rate available

- 6.25-8.49% depending on the property details and your FICO

- 70% LTV

- Anywhere from 0 to 7 year ppp options

- 1 point lender fee

[Eric James]

Quote from @Joseph Chiofalo:

Hi Eric, 

When do you expect the other 2 units to be completed? 

There are lenders that will go up to 29 units. 

How much were you looking to borrow?

Last 2 apartments will be completed in 4-5 weeks. Based in earlier appraisals, the full 12 apartments should appraise around $815k. Looking for 70-75% LTV

[Brandon Croucier]

Would love to connect and see if what I can offer is a fit!