Private Lender Needed - Bridge Loan - less than 6 months

[Matt Motil]

A 23 unit mixed use (5 store fronts + 18 residential) building came across my desk yesterday in Akron, Ohio. The current buyer can't perform and is scrambling to wholesale the deal before the end of the week. 

Current as-is value of the building is $960k based on 10% CAP and current NOI. Purchasing around 13%. Building has many value-add opportunties: increase rents, pass utility costs to tenants, enterprise zone, etc.

I am looking for $800k for 4-6 months. Rates and terms are negotiable at this point to try and get this deal done. It's worth not letting fall apart! 

Needs to close this week to lock in current pricing. 

We currently own 135 rentals and this building fits nicely into our wheelhouse. Professional management is ready to step in when we close. We have been in the buy-and-hold business since 2008.