7-Unit Apartment Building need FUNDING- ARV $750K

Des Moines, IowaWantProfessionalsLender
Classifieds
1yFollow

7-Unit Apartment Building need FUNDING- ARV $750K

Corey Hoeft
Member since 2021 · 5 posts · 2 votes

Property has an as is value of $400k-$450k 

Currently is 100% rented and occupied. 

Current rental rates are $4,515, but 15%-20% under market, $7400 once rehab is completed.

ARV is $750K.

It needs $150k-$200K of rehab. 

Looking for a 8-12 month loan for $550k-$600k (purchase price and rehab) that would be in 1st position at an interest rate of around 9%

Will do a traditional refinance with a bank once rehab is complete and rental rates are raised and in place. 

Property is in Ames, IA within walking distance of Iowa State University.

0Reply
13 views

4 Replies

Jump to latestLatest
  • Simmy AhluwaliaPro Member
    Lender · Atlanta, GA · Member since 2015 · 1k+ posts · 200 votes
    1y

    @Corey Hoeft - what's the actual price? Any Reno experience? There is no 100% financing for a 7-unit ARV play, you'll have to have skin in the game.

    0Reply
  • Givo Aghasi
    Lender · Los Angeles, CA · Member since 2022 · 238 posts · 73 votes
    1y

    @Corey Hoeft We can go up to 75% of purchase price and allow for 90% CLTV. Lets connect!

    0Reply
  • Juan Mateo
    Lender · Marlborough, Mass · Member since 2024 · 34 posts · 2 votes
    1y

    HELLO, IF YOU STILL NEED HELP LETS HAVE A CONVERSATION.

    0Reply
  • Judah Zuckerman
    Member since 2025 · 56 posts · 4 votes
    1y

    Hi Corey, 

    We are Nationwide Direct Lenders 

    would love to take a look at this deal for you

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free