Posted by T.Vigneswaran on October 11, 2007 at 07:39:05:
Dear Matthan.swist ,
Regarding the telephone conversation with your colleague Mr.James, who asked me to forward the initial investment requirement propasal for the housing development ( arround 50 apartments) in Chennai, India we need Rs.450 million for investment.
The breakdown of the project cost is as follows:
Lans Cost Rs.400M
Construction Cost Rs.300M
Tottal Revenue Rs.1250M
Completion time One year
The site is very potential and very rich area ( Adjoining the USA & Europoean Embassies) If you are ready to consider this proposal, we can sumit a complete proposal showing all the details.
Please let me know your views so that we can proceed further.
Is there anyone that might know of somebody who will finance 100% on an Apartment Complex. Purchase price $850,000 should appraise for $1.3 million great equity and great cashflow. 100% occupied no repairs needed just an owner that wants out. Let me know if there is anyone that might be able to do a loan like this.
Where is the property located?
Why is the sales price so off-base versus the value?
What % is vacant?
What is your experience with managing a multifamily?
Highest I’ve seen is 97% and the rates are high. Your best bet is to form an LLP with another investor to put the equity in the deal and go to a lender for 80% LTV and receive good rates and terms.