All Forum Posts by: Derek Overcashier

Hi Everyone!

We have a few private lenders who have been funding short term loans on flips with us here in Columbus, OH over the past 10+ years that have been asking if we had any longer-term lending opportunities where they could park their cash in 1st lien position at a solid interest rate.

In addition to our flipping business, we have a traditional rental and Short Term / Mid Term Rental portfolio that we have been steadily growing and have used the model similar to the BRRRR strategy, but with the Fed increasing rates to as high as they are today, many of you probably see this as well that DSCR lenders and traditional banks have tightened up their lending terms and criteria and the refinance numbers aren't as desirable as they once were.

We have always paid our private lenders 12% interest on all the short-term loans they have done with us over the years, but we recently agreed on some terms for a longer-term mortgage/note for income properties that we are needing to refinance (instead of us going to a DSCR lender or traditional bank to refi). The terms we landed on were:

• - 75% LTV
• - 8-10% interest rate (varying)
• - 30yr amortization
• - Monthly P&I payments to lender
• - 5yr balloon payment due

A good friend of mine who is also a real estate investor has had similar experiences with his lenders which prompted me to post this thinking there may be some interest from other private lenders/individuals out there who might be interested in talking more about potential opportunities to work together in a similar capacity. The terms I posted above are what our current lenders and we agreed to, but we are open to working out terms that work for all parties, equity positions as well if it makes sense.

We have a portfolio of income properties that are either currently renovated and income producing or are in the middle of renovation and will soon be completed and online that we need to refinance.

If interested and would like to talk more about working with us as a private lender to refinance us out of our current high interest short term loan into a longer term note with similar terms as outlined above, please reach out and we will be happy to send additional info including our lending packet with property data and we will be happy to jump on a call to discuss further.

Looking forward to speaking and building long term relationships!

Derek

Thanks for the response @Brandon Sturgill. Feel free to give me a call and we can discuss. 419-360-8102. It will be good to connect since you are in Columbus too. Hope you had a great week.

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Opportunity to acquire and renovate 121 unit apartment complex in Columbus, OH. 

• Seeking Investor Buyer or Funding Partner
• 121 Unit Apartment Complex - 100% Vacant (Short Sale situation) – Needs stabilized
• Located in highly desirable MSA market of Columbus, Ohio where market experts are projecting a population growth of more than 1 million people in the next few years.
• Built in 1983, 17 single-story ranch style buildings on 6.82 acres
• Unit mix of (5) Studio, (107) 1 Bedroom and (9) 2 Bedroom units (Potential to modify if desired)
• Middle Class Area with market rents of $500, $625 and $725 respectively per month.

• Closing Date:                     October 12, 2018
• Purchase Price:                $1,300,000 ($10,743/unit)
• NOI (Stabilized): $507,586
• Cash Flow Potential (Yr) $297,586
• Value (Stabilized):            $5,200,000 ($43,000/unit - Based on recently sold similar comps)
• Est. Profit/Equity:             $2,000,000+
• Additional details of property condition available upon request. Photos available.
• Serious Inquiries Only.

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Please message me if interested or contact:

Tarry Summers

[email protected]

614-226-3329