Posted by harold schneider on November 24, 2005 at 12:25:34:
need money for land purchases in calif.
Hard Money Needed on Apt Building - Posted by Neb
Posted by Neb on September 10, 2005 at 17:21:26:
Hi,
I need hard money on a 35 unit Apartment building in Montgomery Alabama. Purchase price $635K - Rehab needed is approximately $80K. All units are 2/1. Average rent is between 400-450 per unit once the property is stabilized.
You can reach me at 703.362.1089
Thanks.
Neb
Re: Hard Money Needed on Apt Building - Posted by fritz
Posted by fritz on September 16, 2005 at 15:01:21:
I do have a source that can fund your project
Processing / closing time: 1-4 weeks
Loan size: $500,000-No limit
Loans based on collateral and property income, not credit scores
LTVs to 65%: Land to 55%
(of market value-minimum loan amount $1MM)
Points will vary accordingly
Usually no pre-payment penalty
Builder/Developers to companies in bankruptcy are acceptable
Rates vary from 12-18% per annum, interest only
Terms: 1 to 5 years
Acceptable Collateral Includes:
Apartment or multi-family residential
(Defined as 5 or more residential units)
Raw Land
Office buildings - general or professional
Retail establishments - e.g., shopping centers
Mixed-use - i.e., one or more residential units
with one or more commercial units
Hotels/motels - Flag with strong operating income
Commercial. Multi-family Rehabilitation/Renovation
Others Considered per case-by-case
Condo Conversions
Construction / Development Projects
Re: Hard Money Needed on Apt Building - Posted by stev
Posted by stev on September 11, 2005 at 20:45:30:
I friend of mine came across a site that has over 100 hard money lenders.
Hard Money Phone Book.com
Re: Hard Money Needed on Apt Building - Posted by Neb
Posted by Neb on September 10, 2005 at 17:23:09:
FYI. Montgomery Alabama was not affected by Katrina!!