All Forum Posts by: Ben Rishwain

@TimMilazzo would love to chat if you think this is up your alley. Thanks

@Joseph Firmin thank you for the referral!

I’m looking to refi 10 units (all 2/1) in Northern California. Can anybody beat the following terms for a gross income of $136,000, expenses of $42-45,000 and a fully stabilized property?:

- 12 year term

-$995,000 loan (90% loan to cost)

- 75% LTV

- DSCR: 1.25

- Amort: 30 yrs

- Rate: 5.5%

- Prepay: Yield Maintenance

- Underwriting fee: $5k

- Application fee: $7,500 (total costs $15,000)

Any insight? Is this a good deal?

@Kevin Romines sure feel free to message me

@Derek DeVerna thank you and good feedback!

@Stephanie P. Thank you!

@Geordy Rostad thank you.

Good evening! I purchased a 10-unit complex in California with a hard money loan. I have since stabilized the property and am interested in getting a longer term loan on the property. Does anybody know how long the property needs to be ‘seasoned’ in it’s stabilized condition (meaning current incomes) before you go to a bank for a refi? Do I need 12-months of stabilized rents, 6-months or will the simple fact that rents are at the new rate be adequate to get a full value for the property?

@Anthony Wick thank you. I will look into this right away.

@Nathan G. Thank you. I tend to believe it was stolen out of my mailbox. I have proof of tenants purchasing money orders, but I never received.