Posted by Joe on June 26, 2003 at 22:48:02:
You have a mixed project here that may require a bridge loan for the construction and then a straigt rate and term for holding the properties.
There are several conditions that can determine if this is doable.
Drop me a line and we can go over the details of this project to see if it is feasible
Joe
Compton Funding
847-321-0160
Financing of 14 Duplex Package(Atlanta) - Posted by JoeB(Atlanta)
Posted by JoeB(Atlanta) on June 24, 2003 at 11:39:12:
Hi, we’ve got a 14 Duplex Package (all on two “mini-community” cul-de-sac parcels) under contract to buy in Atlanta. They’re almost all in good condition with new systems, but many have been vacant b/c the seller is a traveling musician with no professional property managment.
While we could purchase this package with private lenders/money partners we have, we’re considering offering it for sale to another landlord.
After a landlord pays our re-sell price of $1.3M, and spends $130k on the light rehab needed, we’re estimating that the units would still generate $10,000/mo in cash flow (not counting vacancy period) under the Section8 rental program, with a market value (using recent sales of nearby similar duplexes) of $2.08M.
Some of the interested landlord-buyers are experienced, but not with this size package. So they’re asking (and so am I 
…
What type of lender (commercial?) would a buyer talk to and what type of terms could he expect (keeping in mind that majority of these units have been vacant for 6-12 months, and buyer would need to borrow the $130k rehab money)?
What would lender require from buyer (credit? down pmt? business plan? what type of financial analysis of property) ?
Can you recommend a lender, working in Atlanta, GA?
Thanks so much for your help!! Joe Brillante