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03-28-2024, 10:22 AM #1Member
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Negative 1031 Exchange Deal
Client is seeking funding for a negative 1031 Exchange on three properties located in Ohio to purchase a property in South Carolina. Purchase price will be $695K with additional $85K in rehab funding needed.
Let me know what rates and terms are available.
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07-04-2024, 07:11 PM #2Senior Member
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Sure!
Elon Henek
HCI - Glen Cove, NY
Main: 1-516-676-1854
Cell: 1-516-236-4086
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07-05-2024, 12:06 AM #3Senior Member
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I'll reach out to one of my lenders to see if that can be used as a down payment. NoDoc purchase SFR rental would be 75% LTV. That would be a 10 year interest only, then amortized for 20 at around 10.99%. If it qualifies for DSCR, rate would be less than 10% but DSCR requires 5 year prepayment penalty, NoDoc can have a prepay buy down to 1 year. You can also do a seller carryback for 90% CLTV.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
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