All Forum Posts by: Sara Als.

Hi everyone, I am actively looking to purchase a multifamily complex (10+ units) preferably in my local Atlanta market and wondering if anyone here can give me referrals to  institutions that will finance small commercial residential? I spoke to a couple institutions locally and was told it is very hard to get the financing due to the current legislations related to Covid/tenants etc. 

Any help is appreciated. 

Thanks!

Sara

@Account Closed Hi Michelle, I am one of those victims with a 2nd position lien on a property in Daytona, FL (property has at least 3 investors involved). My initial term with him was a 6 months deal. He stopped making his interest payments 3 months into the deal. He stated he needed to extend the loan but refused to sign and record a formal extension. I am planning to seek legal action against him.

@Guifre Mora Thanks for the input. The property is in FL but he is in CA. My GA attorney suggested hiring a lawyer in CA but I will seek additional opinions.

@Arthur Royale any update on your case?  

I am in a similar situation. Looking for an attorney recommendation in CA. 

I have a second position mortgage deed (I am the lender) on a property in FL but the Mortgagee and the contract holder is in CA. He is in breach of the mortgage agreement:

1) the note was up summer '19 and he did not pay it off neither will record an extension when i asked

2) he hasn't paid his monthly interest dues on the mortgage for close to 6 months now

3) he was buying time with me by giving me various excuses and now completely ignoring my calls and text msgs

This person is actively marketing his projects/properties/investments here on BPs which is where him and I got connected over a year ago. 

I want to initiate a law suit for non performance. Any Attorneys here from CA or referrals? 

Thanks,

Sara 

Interested in this thread. What if the lender is in second position (lending rehab costs, not the purchase). What is their course of action? 

Hi @Mo Adeleye, I didn’t find anyone. I’m still interested in the license. I am thinking I can get it after getting hands on experience in one big project I have. But it’s not going to be in the near horizon!  

hi Al, I am currently working on a similar project to what you described. I’m a realtor too. We purchased 2 acres, had our civil and architectural plans designed and we are reviewing with the City and awaiting approval. Meantime we are also working on pro forma and next will be reaching out to investors. 

In my experience I would suggest to negotiate an offer with a reasonable due diligence period (a couple of months!) and during due diligence you get all the things needed done (from zoning to development and selling plans to financing). 

Hope this helps!

Sara

Hello, Looking for GCs to bid on a new 15 unit residential TH development located in the Marietta area.  Candidates must have experience in completing similar (type, size and scope) projects in the past 2-3 years. Please contact/msg me if interested. Referrals are appreciated.

Thank you!

Sara 

I am also interested in this. I am doing a due diligence on a property in Birmingham and would like to speak to a Realtor and any investors who are experienced with rehab and the market.

Thanks!