All Forum Posts by: Chris Cambridge

If the deal is small (<$5MM) it is a yes for personal guarantee and assets. If credit is 700 there is an option to go stated sometimes. All funders will tend to look at your net worth after evaluating how property can repay. This is just an overview not addressing direct concerns you really have.

For all those enthusiastic about NYC and it's boroughs, are any of you doing ground up developments? I'm an agent now and think there is a lot of opps for doing this. I'm finding the herd mentality among some investors and it seems they are playing behind the pack. I am really looking for investors capable of executing before some big shot developer or magazine says this is the area in Bklyn, etc to be next. I believe deals are everywhere. This is a good discussion. 

P.S. Fact you do make higher returns out of NYC if it fits someone's objective it works but it ain't NY baby!

I was reading this at first glance and wondered how $2MM pretax cashflow offered a 10 cap. I thought you struck gold and didn't realize.

First question to this would be what's the NOI?

Next, how much cash are you bringing to the table? A 100% note may only look like a discount opportunity for a note buyer. Where's the equity?

If the goal is to refi with conventional then look at 45-60% LTV with a rock bottom minimum 1.5 DSCR.

I do question 80% occupancy (65% reaonable) but 10 cap is impressive.

Chris 

Hey Ron, just reading post and wondering what or why a HUD loan would appeal to you in this range of transaction.

Is it the LTV? The expected low rate? The amortization period? All that to be considered against getting into the loan? I speaking about costs, timeline, loan amount. I think revising options would be best.

Chris Cambridge

Hey Ryan, I think you should treat Bushwick as a cashflow endeavor. If you can get the rent then as they "You good money." The Central Ave, Ridgewood area has constant retail activity but that's as much as I can say toward potential revenue in the area. It's really a different animal and one needs to peek in to know why. There is always an opportunity.

Curious to know what your full situation. What is meant by tax returns not good? That doesn't mean you don't have cash reserves. Is this a coomercial condo?

Have a contact that may help you. email or call.

Chris Cambridge

Are you trying to get a 3 mil property? You can get help with downpayment if the property has equity.

Chris Cambridge