All Forum Posts by: Ravi Karuturi

Your buyer could certainly assume the loan and while it is advisable to inform the bank of this, I don't know that it is legally required. However, most sellers want their name taken off the loan so that they are not responsible for paying it if things go sideways later down the road. And the only way to do that is by communicating with the bank that you are exiting the partnership so they will take your name off the loan. If the asset has performed well for a while, that may be it and they won't make the new partner sign on.

How can buyer assume loan without having his name on loan. Are u saying I just put his name on title without informing bank?

0 Votes

Dallas, Texas

I bought a 4 plex with a friend by going everything 50%. For some personal reason i need sell my share to a mutual friend. I need to know what does it involve. Should i just call bank and see if they can transfer the loan as is on his name or will be a new app with new interest rates? how can i structure this easily and who would be the right person to reach to.

0 Votes

Dallas, Texas

Quote from @Percy N.:

@Ravi Karuturi, its impossible to answer that without knowing the local area demographics, economic outlook, occupancy rates, building regulations, etc and therefore what the "highest and best use" of that land would be in that specific area.

How many units do you wish to build? 3 acres is not a lot of space (factor set-backs and parking), how high can you go vertically?

I am thinking I could build 70 apartments with a mix of 1 bed and 2 bed. Agree with your answer on without knowing details it would be hard. My next step is to hire someone to conduct that study. Who would be the best person to conduct such a study.

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I have 3 acre land which i am trying to decide if i want to go with commercial or multifamily. what are some of pros and cons. the land is zoned commercial.

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what are some of the pros and cons of going with cost + vs per sqft price. This would be a 70 Unit ground up apartment build

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Dallas, Texas

Quote from @Philip Jackson:

Quote from @Ravi Karuturi:

Thank you all for your suggestions. I was able to find a lender who was willing to lend based on credit profile and up to 80% LTV even though i dont have experience. I am thinking of giving all the work to GC so the lender asked that i got with some approved GC so he feels comfortable work will be done correctly.

This Lender is local only and does business with in that city so not sure i will be much help. But iam sure if you talk to few lenders or mortgage brokers they would be able to help

I’m currently looking for a lender for new construction for beginners if you could help

0 Votes

Denton, Texas

3 Votes

Denton, Texas

Quote from @Shaunta M.:

I can help. Send your email.

@Shaunta M. Sent you Email in connect request

0 Votes

Dallas, Texas

Who are the lenders who can help with buying a Lot or Land which is zoned commercial.

The property is a 3 acre lot and priced at 500K and i can bring in may be 30% max

0 Votes

Dallas, Texas

Quote from @Chris Seveney:

Quote from @Ravi Karuturi:

Hi,

I am analyzing a deal where in i want to buy a land and build some apartments. what would the Lenders look for in this scenario. I am trying to raise money from Friends and Family for putting together the down payment needs. Say the project is worth all in 10 million how much do i need to come up with?

If you have never done a deal before, then you will probably need all $10M as the lender will want the sponsor to have a track record. If you brought on a partner with experience then you would be looking at around $3-$5M. The lender will also make sure you put the 30% in before they give a penny. So they would want the plans approved, and budgets complete with GC contracts before approving the financing, then once approved they will want site work and some foundation work funded by the sponsor before their money kicks in.

How would one start looking for such a partner?

0 Votes

Denton, Texas

All Forum Posts by: Ravi Karuturi

Ravi Karuturi has started 6 posts and replied 12 times.

Post: Need help with a situation on 4-plex

Post: Need help with a situation on 4-plex

Post: Trying to decide between Commerical or Multifamily apartments

Post: Trying to decide between Commerical or Multifamily apartments

Post: GC is it better to go with per sqft or per door price or cost +

Post: New Ground up Construction Loan Lender

Post: New Ground up Construction Loan Lender

Post: Looking for a Loan to buy a Land

Post: Looking for a Loan to buy a Land

Post: New Ground up Construction Loan Lender