Investor · Knoxville, TN · Member since 2014 · 59 posts · 21 votes
I am looking for financing for a $650,000 apartment complex with 16 units - 105000 Gross Operating Income and $60,000 Net Operating Income. Looking to cross collateralize for down payment on 2 condos I've finished were I have over $200,000 in equity. 2 Local banks have said that I need to rent the condos out before they will do a equity line on them to help me come up with the down payment on the apartments. Not looking to rent condos but sell them... I am looking for someone or some lending group or bank willing to lend on the equity while they are on the market for a down payment on the apartment complex. I have 8 rental units producing good positive cash flow and 2 condos Im flipping with good experience in management.
Baltimore, MD · Member since 2014 · 203 posts · 19 votes
10y
hello paul ed reid here,im a financier and i have a diversity of lending programs in my portfolio, that being the case im sure we can craft a financing scenario to facilitate the acquisition ,the thing that i need to know is the on the existing properties you would be cross collateralizing what is the market value and the existing mortgages on the property,if the seller can provide you with the current noi statement on the subject property you are buying that would be helpful as well ,it appears that you just want to do a cross collateralization in lieu of putting down any cash is that correct,would the seller consider holding a short term 2nd on the property if neccessary,what is your credit score, you can email me at [email protected] or call me at 240 552-1656