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08-01-2019, 12:42 PM #1
- Join Date
- Apr 2017
- Posts
- 127
HARD MONEY Looking for 20MM to buy 34 condos to be sold
Client is looking for 20MM to buy 34 condos(currently occupied) which he plans to sell off individually.
I have a spread sheet with more info on the client.
The property is in Brooklyn NY
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08-01-2019, 12:58 PM #2
- Join Date
- Feb 2017
- Posts
- 3,429
That sounds like something a lender I work with can do, since their minimum loans are $10mm.
Rates are going to be 11/3 with a 2 or 3-year term with minimum 8 months in the deal.
Questions:
- How much money is the client willing to put into the deal? It's for sure going to need to be 25-30%. If it's any less, then they are looking for an equity partner, so you should move on to the next deal.
- Why would the client look sell them off? What's the profit on such a thing just to flip them and move money? Is it speculation on the market, and they need 2 years?
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08-01-2019, 01:37 PM #3
- Join Date
- Jun 2016
- Location
- Tampa, FL
- Posts
- 180
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08-01-2019, 04:22 PM #4
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08-10-2019, 05:17 AM #5
I have access to private equity lenders that offer interest only property loans for 5/7/10 year terms at 6/7/8 percent annually. Call me to discuss if you haven't found a home for the file. Commercial/residential/raw land, all 50 states: 917.600.5647
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