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Seeking $4.6 Million for Multi-Family Property.

Posted on: Wed, 01/09/2013 - 16:18
Seeking $4.6 Million for Multi-Family Property.

Already have assumable loan in place for downpayment just need the remaining $4.6 Million for Apartment Complex in Phoenix, AZ

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Posted on: Wed, 01/09/2013 - 20:25 #1
Details

Sabrina,

- Is the assumable loan you're using for the downpayment 1st position? If so, the other $4.6M would have to be 2nd position. Not sure of many lenders doing that. Can you subordinate the assumable to 2nd position?

- How much of your own funds are going into the deal?

Thanks,

Tom


Posted on: Wed, 01/09/2013 - 21:14 #2
Sabrina

You also need to fill out your profile. Tammy

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Posted on: Mon, 01/14/2013 - 20:11 #3
Any Update?

Hi Sabrina - any update / response to the questions?

Thanks,

Tom


Posted on: Tue, 02/05/2013 - 21:29 #4
Sabrina

Hi,
I once tried to buy an apartment complex that I located off craigslist that was in Detroit. The seller was willing to hold some paper, who wouldn't in Detroit right? anyway, I found a hard money lender who said to me that the seller financing amount which was 10% of the purchase price still left 90% to get funded and they would only do a 55% loan of the purchase price which meant I had to come to the table with skin in the game or equity as they called it.

I think your going to find it difficult to get this deal done because your asking a lender to take on too much risk.

One thing you didn't mention was the value of the property? also is the income enought to support what looks like two loans?