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![Eric James's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/782079/1621497291-avatar-ericj90.jpg?twic=v1/output=image/crop=720x720@0x59/cover=128x128&v=2)
Long term financing for 12 unit complex
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.
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Quote from @Eric James: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?
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.
- 860-538-3672
- [email protected]
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Quote from @Devin Peterson:
Quote from @Eric James: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?
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.
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.
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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?
-
Lender
- 954-480-7478
- https://nmbnow.com/jchiofalo/
- [email protected]
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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
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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
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Would love to connect and see if what I can offer is a fit!