[MissouriBroker1]

This is a loan request for a refinance from a bridge loan to permanent financing for an 8-unit multi-family in St. Louis, MO. The loan request is for $250,000. The current value is believed to be $350,000.

Here is more information:

• Property purchase date/ July 8th, 2022
• Purchase price / $238,000
• Rehab completed to date /all completed, approximately $44,000 spent
• Estimated As-Is value/ $350,000
• Estimated monthly rent across all 8 units / $5,400
• Annual tax/ $1919
• Annual insurance/$5,500
• Annual property management fee / $6,000 -$7,500
• First mortgage amount of $212,000
• Borrower FICO of 770

The monthly expenses are $1,243.25 factoring in the highest amount for property management. That is only 23% of his monthly revenues. Then, a loan amount of $250,000 @ 7.0% on a 30-year amortization is a monthly P&I of $1,663.26, total monthly expenses including mortgage of $2,906.50 or, a DSCR of 1.858.

The biggest issue I am having with this one is the smaller loan amount. Let me know if you have a lender for this at a rate below 8%.

Tom Harrier
Integrity Commercial Loans, LLC
Broker@tomharrier.net
407-928-8542

[Yankeeman07]

8% may be an obstacle

The Current U.S. (Fed) Prime Rate is: 8.25%

May 3,

2023: The

FOMC

has

voted to raise the
target range for the fed funds rate to 5.00% - 5.25%.
Therefore, the United States Prime Rate is now 8.25%

The next FOMC meeting and decision on short-term
interest rates will be on June 14, 2023.

[Olderguy]

dsrc should be in the 7% - 8% range. I have a guy. Need rent roll with NOI to review. 75% LTV.

I sent your summary above to my guy and I'll advise his response.

If he can do it, I'll need to send you his rent roll form to price out.

[Olderguy]

He just responded: Min loan amount for anything 5-8 units with us is $500k, sorry! He's like 7.75% 30 year on 6 units. Has to cash flow.

Probably do SiSA or NoDoc but 10% range.

$250,000 30 year fixed at 8% = 1,834.41

$250,000 30 year fixed at 10% = 2,193.93

$250,000 10 year Interest Only, amortized 20 after = $2,083.33

[MissouriBroker1]

THanks for trying.

[Olderguy]

THanks for trying.

No problem...I can do the other loans if interested.

Good luck.