LOOKING FOR ASSET BASED LONG TERM (24 MONTH) FINANCING

[Donald Banks]

Hello,

I am currently looking at a couple of deals on rental properties. One is a group of townhouses (3), and the other is a single family split level. 

They are all rented out to good paying, long term tenants, all owned by the same seller, and he is motivated (by his wife) and wants to sell, preferably to someone who will keep his current tenants in place. 

The properties are in great condition and need no repairs. I'm looking for some financing options based solely on the assets as security for the loan. My exit strategy is to refinance at the end of the term.

Thanks,

[Account Closed]

Hi Donald:

Do you have funds to contribute to the purchase? A HML would like to see that you have "skin in the game". If so, let me know and perhaps we can discuss options.

Shannon

[Donald Banks]

I'll trade a competitive interest rate for "skin", I'm all for creative financing. I was hoping for a private investor over hard money.  I working on a flip right now, so my funds are tied up, however i wouldn't want to let that stop me from taking advantage of a good opportunity, even if it costs me a little more the beginning... 

[David T.]

@Donald Banks, you will find it extremely difficult to find even a private lender for something like this. Rentals are not popular with HMLs, 24 months is a push and no skin in the game will probably leave you dead in the water. Have you considered an equity partner? 

Best of luck with it though!

[Donald Banks]

Hi David,

I had not considered an equity partner. How would such a partnership be structured? I am interested in what, if any, my financing options might be in a scenario like this. This is a case where the  owner is being urged to divest themselves of their investments by their spouse

I've seen more of them as owners get older and want less responsibilities and fewer intrusions on their time.

If I can position myself to assist in a case like this, it can be a profitable long term revenue stream for my company.

In this particular case, the wife is concerned that she will be left to deal with these properties and tenants in the event of her husbands death. They are an older couple. I realize two years is a stretch.

Thanks,

[Bob Green]

Greetings All,

I offer  asset based loans for residential investment properties.  Please read through my profile and connect.  I'd be happy to assist.  Additionally, I am a seasoned real estate investor, and looking to network with like-minded people.

Best,