@Jared Rine thanks so much for the feedback and your experience from the other side of the table. Feel free to PM me to discuss specifics about the deal.
@Joel Owens thanks so much, and I love the advice on getting a feel if the bank will be re-trading by not saying until XYZ happens.
I think our loan would be pretty small for Arbor, but I can give them a call.
SIDE NOTE 1: Funny story, I worked on Arbor as an audit client when I was a CPA. Ivan K., (CEO} would come in every Friday asking our managing partner to play golf in the Hamptons at $1,000/hole. Our partner declined because of "independence" regulations, but I think he was just a lousy golfer.
SIDE NOTE 2: We know it's a small loan and almost too small of a deal for us. (Not that we're big shots, but 10+ caps after leverage and paying equity investors, there's not much absolute dollars leftover for us.) The deal feel into our lap with a seller that we worked with before and we're buying the units at a 20% discount ($40K/unit = market and we're paying $32K) so there's enough of a delta for us to make a go of it, even if we want to sell within a short period of time. We were also floating the idea of getting a private investor to fund it at a higher interest with no/low pre-payment penalty in the event we want to sell within a year.
My few reasons to hold onto this is: 1) Get the experience of being a multi-family investor 2) Credibility in the mulit-family space [despite the relatively small size], and 3) Possibly try to scale up to 100+ units within 18 months.
