First Time Financing

[Terrance Clark]

Investment Info:

Large multi-family (5+ units) buy & hold investment in Greensboro.

Purchase price: $5,300,000

Commercial multifamily 45+ units.

What made you interested in investing in this type of deal?

Within the scope of what it is our company has done since inception

How did you find this deal and how did you negotiate it?

This deal was brought over by commerical agent I partnered with to help better walk me through commercial transaction.

How did you finance this deal?

This was were I learned the most about some process and procedures. Right around this time banks began to tighten up on the due diligence they were doing. I learned that this piece is much better when there is relationship based lending and not curating a relationship for the firs time.

How did you add value to the deal?

This has been a challenge during Covid. The small thing we have done is add a vending machine to the property that does about 800-1000 profit per month.

Lessons learned? Challenges?

Bankers are tighening up lending procedure. Definitely focusing on building stronger relationships with lenders.