Apartment Financing - Posted by Dennis Redding

Real Estate Investing Apartments
1

Posted by Ol’ AA/Fuel on November 06, 2009 at 09:42:52:

I need your contact info

2

Apartment Financing - Posted by Dennis Redding

Posted by Dennis Redding on November 01, 2009 at 21:40:20:

I was wondering if anyone had any suggestions about companies that focus mainly on apartment financing.

I have located a 33 unit apartment complex that is listed for $650,000 which is way out of line for the current situation. There is currently only 15 units rented out and many of the units do not have the central air working. They are on bedroom apartments located in a very good part of town that rent for $380.

I was going to look at offering $300,000 with a possibility of having to put $200,000 to fix it up. They received two offers Thursday and I am going to call on Monday to see if anything was accepted, if they were not I am going to have to provide a proof of funds letter in order to make an offer, so I would like to find someone who would be able to move quickly.

Thanks

Dennis Redding

3

Re: Apartment Financing - Posted by james_CA

Posted by james_CA on January 13, 2010 at 24:59:23:

Let us kmow how it goes. Best of luck.

4

If your in Texas - Posted by Ol AA/Fuel

Posted by Ol AA/Fuel on November 05, 2009 at 08:34:34:

If you are in Texas, All we do is Apts.-We buy.build, and loan on apts-call me if youp in Texas-I can probably help you or at least know someone that can-214-670-2651-thanks-Cobra

5

Re: Apartment Financing - Posted by Ol’ AA/Fuel

Posted by Ol’ AA/Fuel on November 04, 2009 at 09:34:16:

We do apts,-Where are you?

6

Re: Apartment Financing - Posted by James Harris

Posted by James Harris on November 02, 2009 at 05:45:31:

Dennis, I can surely help in this situation. Drop me a line to share information with you.

7

Re: If your in Texas - Posted by Mike

Posted by Mike on November 05, 2009 at 12:13:27:

Would you do the loan for a Texas apt purchase if the investor was out of state (Illinois)?

What kind of DP is required? 20% enough or is it more like 30-40% these days?

8

Re: Apartment Financing - Posted by Dennis Redding

Posted by Dennis Redding on November 02, 2009 at 15:16:25:

James,
I sent you an email, if you did not get it please let me know.

Dennis Redding

9

Re: If your in Texas - Posted by Jimmy

Posted by Jimmy on November 09, 2009 at 08:05:17:

I work with a small bank in east TX. They have been aggressively pursuing real estate investor business, and have been grabbing the better clients from many competitor banks in the area (i.e., the local branches of national banks.

the out-of-state thing is not an issue.

they will look closely at YOU. if your credit/financials and investment history are strong, they’ll take a look at your project.

the DP all depends on the situation.

They did a cross-collateralized blanket for me in March at 6.5%, 6 months interest-only…15 year am. they charged a point, but that was the only negative.

My previous lender was a regional business bank (I loved them then), which was acquired by a national bank a couple years ago. That’s when everythig changed—and not for the better.

Remember this: commercial lending is not governed by strict underwriting rules from Fannie or Freddie. and a small business banker can do things for you that a bigger bank wouldn’t consider.

if you want a referral, ping me at cohiba35@aol.com. (I don’t put my real email address on the e-mail box above, because of the spam that comes pouring forth. )

good luck.

10

Re: If your in Texas - Posted by Ol AA/Fuel

Posted by Ol AA/Fuel on November 06, 2009 at 09:41:12:

If the project is in Texas it doesnt matter where your from-the DP could be as little as $0 to 20%-send mw=e your contact info-thanks-Cobra