All Forum Posts by: Craig Yarnell

@Amy S. is based in FL and has funded several similar deals. Hope this helps

@Sam Albury Our community Prosper Jackson is in 39211. We have dispositioned or are jv partners in other zip codes as well as own in Gulfport and Senatobia. We have multiple projects as a lender in the surrounding zip codes in 39206, 39216, 39202, and 39203. That isn't meant to discredit any other zip codes we just tend to focus on partnering or lending in the surrounding areas where we are already knowledgeable as an owner and property manager. Hope that helps. Thanks 

Thanks @Jay Hinrichs We have multiple rehab projects in process as a lender for Student Housing, Hospitality, and Mixed Use, all being converted to traditional multi-family. The asset would be considered stabilized, so the value add in this scenario is adapting to the best and highest use as there's a strong need for quality affordable housing in the Jackson Market in our opinion. We focus on commercial multi-family properties that have a target rent of 30% of the median household income or less. Thank you

We currently own apartment complexes in Jackson, MS and have dispositioned several others over the last 18 months from our portfolio. We also partnered with many other investors to provide fast, flexible capital to stabilize multi-family assets in Jackson MS. Great market to be in if you have a focus on affordable workforce housing. Adaptive reuse of other asset classes to traditional multi-family seems to becoming more popular in Jackson and the surrounding areas as well. Is there any specific information you were looking for? Thanks 

Hi Gary,

Have you looked into a portfolio or single asset cash-out refinances with a private lender that offers business to business commercial loans? Often times that is a much easier route to go than traditional banks as the underwriting is more based on the assets than the individual. A debt service loan would require the rental income to be 1.1 or great of the PITI for the cash-out loan and the majority of programs require a 660 Fico or higher to qualify, although you may need a 720 for maximum leverage. Hope this helps. Thank you

Hi Elizabeth, with your strong credit scores 75% LTV is achievable with a portfolio c/o refi in the LLC name under a DSCR program of 1.1 Rates are extremely competitive for b2b commercial loans on a 30yr Fixed. Thank you

Hi Reed, did the local lender mention anything about seasoning requirements? Most lenders take a cost approach if you are trying to refinance prior to owning the property for 6 months. After 6 months however, they will use the as stabilized or current value as well as the income approach from tenant occupancy. You still have a couple mortgage to go before you max out on conventional, but it may be time to start researching b2b commercial loans in your LLC or entity name to avoid these types of issues. Hope this helps. Thanks

Looks like a great deal Justin! Direct-mailers definitely still work.

@Amy S. is based out of St. Augustine and very familiar with the Jacksonville Market. Thanks 

@Sam Martin