All Forum Posts by: Clark Childers

I have a 16 unit rental property. One of the units is my home and I live onsite. Currently it's broken up into two separate properties, but I want to merge the properties, refinance and pull some equity. What kind of rates can expect? Currently working with a local credit union that has funded all of our investment projects. I'm seeing extremely low rates for multi-family, but this is a slightly different situation because it is my home and it's a rental property with more than 4 rentals. Any thoughts? 

Did you learn anything? I am eyeing and OYO and need advice. 

I saw your post on OYO properties. I have found one I am interested in, but I know nothing. I’d love to talk to you about what you’ve learned from your experience working with them. Did you buy/sell that property. Was it a smart investment? 

Clark

I am looking to open a second location, expanding my very successful boutique hotel business. I've looked into all sorts of loans, and it would seem an SBA 504 loan would be a great fit for our financial needs, but given that we are still trying to acquire the property, it's long processing time (months and months I'm told) makes things very difficult. I just spoke with a preferred SBA lender that says, by following the same guidelines as the SBA, they can approve an SBA 504 in a week or less. I guess, they put the money up front, with the assumption that the SBA will eventually approve the loan anyway because the follow the same terms and requirements. Has anyone heard of this? Has anyone worked with a company that does fast SBA 504 turnarounds? It's exactly what I've been looking for, but what I've been looking for has also seemed too good to be true. Opinions? Advice? Stories?

I am looking to open a second location, expanding my very successful boutique hotel business. I've looked into all sorts of loans, and it would seem an SBA 504 loan would be a great fit for our financial needs, but given that we are still trying to acquire the property, it's long processing time (months and months I'm told) makes things very difficult. I just spoke with a preferred SBA lender that says, by following the same guidelines as the SBA, they can approve an SBA 504 in a week or less. I guess, they put the money up front, with the assumption that the SBA will eventually approve the loan anyway because the follow the same terms and requirements. Has anyone heard of this? Has anyone worked with a company that does fast SBA 504 turnarounds? It's exactly what I've been looking for, but what I've been looking for has also seemed too good to be true. Opinions? Advice? Stories?

I am looking to open a second location, expanding my very successful boutique hotel business. I've looked into all sorts of loans, and it would seem an SBA 504 loan would be a great fit for our financial needs, but given that we are still trying to acquire the property, it's long processing time (months and months I'm told) makes things very difficult. I just spoke with a preferred SBA lender that says, by following the same guidelines as the SBA, they can approve an SBA 504 in a week or less. I guess, they put the money up front, with the assumption that the SBA will eventually approve the loan anyway because the follow the same terms and requirements. Has anyone heard of this? Has anyone worked with a company that does fast SBA 504 turnarounds? It's exactly what I've been looking for, but what I've been looking for has also seemed too good to be true. Opinions? Advice? Stories?

It gives me pause as the first 6 months is when I am most vulnerable as we will be doing remodel work and improvements and the property will only be running at 50% capacity. If anything, I'd want a traditional loan with a deferred payment or interest-only payment for the first 6 months if at all possible. That said... Any HML's for this kind of property that you would recommend?

I am trying to purchase an 8 cabin lodge in a resort town. I've already had tremendous success with a 10 unit Airbnb hotel I have and we are looking to open a second location. The asking price is 650k. I have enough cash for 25% down. I have run the numbers and done the research and I have proof that I know what I am doing... Why am I having such a hard time finding a loan through banks and credit unions? I haven't explored hard money lenders because I can't handle the high percentage rates and balloon payments. Crowdfunding lenders seem to only apply to flips and I want to hold on to this one. Any advice? 

Hey Chris - 

Thanks so much for the response. All really good advice. We ended up losing one investor but gained a new one. We now have 150k cash to play with to acquire a property that is currently listed at 700. I figure I need a commercial loan with a 25-year amortization. That's proving harder to find than expected. Do you have any ideas?

I've done this kind of purchase once and it wasn't easy. I'm trying to do it again, and it still isn't easy. Did you learn anything from this thread?