All Forum Posts by: Natalie Gelbke-Mattis

Is there a loan product out there that would lend based on a borrower's entire rental portfolio? I have 3 rentals (2 SFR and one condo) with a lot of combined equity. Looking for one loan to tap in all equity. Is this a pipe dream?

It does not show very well online.  I would invest in some cosmetic improvements.  For the price you are charging, and the area, the rent is too high.  

 I am in the process of purchasing a Motel, and am interested in what funding options may be available.

Great story!  I am also in the process of purchasing a motel in NY.  Luckily, my husband is a general contractor so I don't have to deal with finding quality workers.  That really is over half the battle!   

I recently refinanced into a 1st lien HELOC and despite the higher interest rate, will save almost 80K in interest. You must be very disciplined in your spending, and have a significant higher income vs expenses. You are basically depositing all your income into the HELOC, and paying all of your expenses out of the HELOC. I am on-track to payoff my loan in 4 years (at current income/expense levels). And, i have full access to all my home's equity, if i need it. This is not for everyone, but if you can make the numbers work, it is a worthwhile alternative.

I have a calculator that breaks it down your scenario and will show you how long you will take to payoff your home, along with amount of interest paid. I would research 1st Lien HELOC as that is where I received the calculator, if you're interested.

Part of my intention is to sell them on the idea, and put on paper his ROI. The sellers are an older couple ready to retire from the Motel, so building the relationship is important in this transaction. I've never structured seller financing so i didn't want to come off as offensive.

I'll just go for it - at worst, he says no.

I am in the process of purchasing a motel, and i have a lot stacked against me in terms of coming up with 20-25% (I only have 15% liquid as of today) , rising interest rates, and cash reserves that may be needed in a commercial mortgage.  I am trying to liquidate some properties, but this will be the slowest selling season.   I want to approach the seller with terms for a short-term bridge interest only loan while i continue to raise capital, stabilize the motel (it is extremely underperforming) and hopeful for lower interest rates.   Would I be able to get feedback on the terms i would like to offer?  I want to make sure they are not offensive.  Any feedback will be greatly appreciated.

I like that rate and terms - I would like to find a private lender offering that scenerio.

Looking for funding options for a lakefront motel - which includes 8 rooms, 3 cottages, and potential for 3 more rentable cottages.   The Motel has been open and running for almost 50 years with a husband/wife team running it.  They are older and looking to sell.     The motel grossly underperforms and does not have operating statements/occupancy reports, etc.  All verified income would come from their tax returns which he stated he took in a lot of cash. . . .

We can increase annual revenue immediately to 139K annually, with fully stabilized at 196K.  These numbers only include in season rentals (5/1 - 9/30) and does not include off season rentals.  Property is in a rural area, but is lakefront with some amenities within a few miles of the motel.

I've never researched how to obtain financing for Hospitality asset class.  I also looked at SBA loans, but don't know enough about them to see if we would qualify.  Right off the bat, there is no verified evidence this business takes in 100k annually.  

Looking for options and contacts to guide us in this journey.

Thanks

I have a furnished one bedroom condo in Cleveland that I would like to market as furnished.  I have it listed on Furnished Finder, but outside of the usual marketing platforms, what are other options I may have to market this to those seeking corporate housing.  I can offer minimum 6 month leases (may consider 3 months to the right tenant).  Any suggestions would be superful helpful!  Thanks!