All Forum Posts by: Greg Petrino

Hi Simmy,

We can bring at least $600k to the deal, if not a bit more.  Please call me when you can to discuss; I am around most of the afternoon.

Regards,

Greg (305)319-1955

I am under contract on the 30+ unit multifamily property in Louisville and will be assuming the current Freddie Mac SBL loan.  The balance on the current debt is $1.05 mil with 3 years remaining at a rate of 4.99%.  I am purchasing the property for $2.0 mil, need roughly $150k for some repairs/renovations and have roughly $600k in equity at the moment.  It's a great property with a rent roll of $30k+ and an expense ration of roughly 50%.  

Does anyone have an suggestions on how I can bridge the gap and close this deal? I was thinking of preferred equity or mezzanine debt, as I currently don't have enough time to raise capital because I am busy managing my other properties.  Does anyone know of any lenders that specialize in this and would be interested participating in a deal of this size, as most of the people I've spoke to were not interested as the amounts were too small?  If not, does anyone have any other suggestions on how I can get this done?  

I am a CPA and a financial executive with over 25 years experience and 15+ years of real estate experience, however, most of the deals I've done were prior to the spike in interest rates, hence senior debt was always enough.