Small Balance Loan Needed $350k, 15 unit, stabillized

[Christian Beebe]

We have to admit, this is somewhat crazy as we are closing on a 48 unit property with Fannie Mae financing but yet our smaller 15 unit deal is much harder to find financing. We are stable company with 15 years experience in our market (Cincinnati) to which we only deal with multi-families usually from a buy/hold scenario. In front of us is an off market deal we have under contract for $465,000. We will be putting in our 20% and looking for someone for the remaining balance of $387,000. The property is stabilized but under managed and is a cash cow and actually right down from one of our other properties. This is a very safe and stable property with current NOI of $60k and that's under managed. We have our national property management firm in place once this property is finalized to get everything back on course in six months or less which will push the NOI north of $79k. As you can imagine we need to get this closed as soon as possible as the seller is getting antsy. Will to talk to anyone from a private investor standpoint, giving some equity when we sell or refi, etc. Please contact me if you are serious.

Appreciate the time.