All Forum Posts by: Sherri D.

Hello,

I hope this message finds you well! I have two properties under contract and am seeking funding of $50,000 ($25,000 each) for one or both of these properties.

Property #1

A 4-unit building under contract for $39,000 with $20,000 of rehab that has a calculated ARV of $124,900. I have already secured funding of $46,750 for this project, investor is requiring additional funds of $25,000 to cover remaining costs. Total loan to value only 57% ($46,750 + $25,000/$124,900). I am seeking a 2nd lien position loan, up to 15% APR for 6 months, interest payable whether I prepay or not. Plus an additional 5% of equity payout after loan pay off.

Property #2

A 5-unit building under contract for $105,000 with $30,000 of rehab that has a calcuated ARV of $228,500, total loan to value 59% ($135,000/$228,500). I have already secured most of this funding as well and only need $25,000 to complete the deal. So as with property #1 I am seeking a 2nd lien position loan for up to 15% APR for 6 months as well. Interest again is payable whether I prepay or not, plus an additional $2,000 equity payout at loan refinance.

If interested in both or just one of these deals I do have formal loan proposals complete with profit & loss and cash flow statements, and would be happy to answer any questions you may have.

Thank you!

Sherri Duncanson

[email protected]

(269) 377-3555

Hello!

I have under contract a 4-unit apartment building in Michigan, purchase price $11,000, rehab estimate $29,892 with a BPO ARV of $103,500 and a calculated ARV using the Income Comparison Approach of $121,400. I'm seeking a loan for $45,000 for the purchase and rehab of this building for 90 days at 12% APR with an equity payout on the back end as well. I have a complete proposal complete with key information, projected profit & loss and cash flow statement available upon request. If interested please contact me at [email protected].

Thank you!

Sherri

Hello,

I have under contract a 4-unit apartment building where the seller should sign over the property by warranty deed to me. However, to record the deed the property taxes need to be paid. I am looking for an investor for $8,000, 10% effective rate for 30-45 days to help record the deed. The investor will also receive 1st lien position in this property that is worth approximately $134,500 calculated value at an 11% cap rate upon the deed recording.

The plan and exit strategy is to refi the property in at most 30 days, for 50% LTV, then pay off this loan ($8,800) and the seller upon refinance. The lender is already identified. If interested please contact me at [email protected]. I would be happy to answer any questions you may have and provide any documentation you may need.

Thank you!

Sherri Duncanson

I bank with Huntington, would be worth me asking the question. Thanks!

Anyone know of anyone that does refinances of properties that are owned for 6 months that would base the LTV% on the actual value rather than the purchase price? I find it odd that it's been so difficult to find. Hypothetically, if I purchase a 5-10 unit complex for $20,000 that is worth $100,000 so 20%LTV and need to refinance to pull more cash out, or refi for any reason in 6 months I'm trying to understand why I couldn't. Every company I've spoken to would only provide a refi for 65-80% of the purchase price even though the property is actually worth a lot more than that. Anyone know of a company that would provide a refi on the value and not the purchase price when needing a refi in 6 months?

Hi BP,

I have a 6-unit complex in Southwest, MI that I am purchasing for 59% LTV for $119,900. I already have an investor interested in provided 60% of the purchase price. I am seeking an investor for the remaining 40% so am seeking a loan for $48,000. I am willing to pay 12% APR for 2 years, 30 year amortization, plus $5,000 in equity at the time of refinance in 2 years. I have already utilized and invested approximately $12,000 on this project as well. I have a detailed business plan complete with profit & loss and cash flow statements available upon request as well. If interested please contact me ASAP.

Thank you!

Hello, I have under contract a 6-unit apartment complex is Southwest, MI worth $225,700 per the area cap rate. I am purchasing it for only $119,900 (53% MV). I have an investor willing to invest 60% of the purchase price, I am looking for a 2nd investor for the remaining $47,960.

Because this investor would be investing the smaller amount they would be awarded 2nd lien position in the property, but also because they are taking on a bit more risk with being 2nd lien position I am also willing to offer equity as well to help mitigate that risk. I am willing to offer 15% of NOI AFTER debt service payments for the duration of the loan and 5% of the equity received in refinance. I am looking for a 10% APR, 30 year amortization loan for 2 years with no prepayment penalty. These terms are also negotiable.

This is how the estimated numbers would look:

Loan amount - $47,960

Interest rate - 10% APR, 30 year amort. for 2 years yields total interest of $9,540.08

Monthly principle and interest payment - $420.88, payment total $10,101.20

Total loan payments with principle, interest and balloon - $57,500.08

Estimated equity payments for 2 years - $2,775.60

5% of additional equity at refinance in 2 years - $2,497.45

Total dollars received - $62,773.13 which is a 31% ROI (62.773.13-47960/47960)

I also have a detailed business plan complete with profit & loss and cash flow statements available upon request.

Please let me know ASAP if you know anyone interested!

Thank you!

Sherri Duncanson

I have under contract a 6-unit apartment complex in Kalamazoo, MI worth approx. $225,700 per the area cap rate that I am purchasing for only $119,900 which is only 53% LTV. What I am seeking is one or two investors to help purchase this property. I have $10,000 into the deal, $8,000 I spent with due diligence on inspections, retainers, earnest deposit, etc, and have $2,000 remaining to cover any closing costs. I am looking for EITHER one investor for $36,000 (30% of purchase price) for a down payment plus a second investor for the remaining $83,900 (70% of purchase price) OR one investor to provide 100% of the purchase price. Terms negotiable but I am offering 10% APR for 2 years, 30 year amortization with no prepayment penalty. The property cash flows very well and is 100% occupied. There is 47% equity to split between the 2 investors or have 1st lien position if you are a single investor. I also have a detailed business plan complete with profit & loss and cash flow statements available upon request. I have been investing for 4 years and am an accountant by trade with almost 20 years experience. If interested please respond ASAP as I have to close very soon!

Thank you for your consideration! Sherri Duncanson

Hello!

I have a signed Buy/Sell agreement to purchase a 6-unit apartment complex for $119,900 in Kalamazoo, MI. The cap rate for this area is 10%. The value of this building based on the cap rate is $225,700.

I am buying this building at a cap rate of 18.8% and there is approx. $18,500 of rehab that needs to be done. The property is 100% occupied and already cash flows. I have a detailed business plan complete with profit & loss and cash flow statements available upon request. I also have a repeat committed investor that invested $10,000 for due diligence for things such as inspections, retainers, etc. These terms are negotiable, but I am looking for a 2 year 70% LTV loan for $157,990 at 6.5% APR, 30 year amortization with a balloon payment after 2 years with no prepayment penalty for the purchase, but also to perform the structural rehab that needs to be done.

My goal is to refinance with my credit union with a commercial loan in 2 years. If you have any questions or concerns, please feel free to contact me.

Thank you,

Sherri Duncanson

President & CEO

Evans Investment Company, LLC

No, I'm offering someone $3,050 to lend me $30,500, but if the post is not lawful then I need to take it down.