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