Looking for a commercial lender - Posted by Freddy

Real Estate Investing Office
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Posted by John (OR) on March 01, 2005 at 20:22:25:

Is this a 5 unit residential or a 5 unit office building (or something else)?

How limited is your cash? Buying the place is one thing. Having the money to operate it and then deal with repairs is another. Do you have any experience managing a building like this? Or related experience?

What can you say about the lender?

John B. Corey Jr.
Chelsea Private Equity LLC

PS. I did a 7 unit deal yesterday and am looking at another one next week. Both in upstate NY.

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Looking for a commercial lender - Posted by Freddy

Posted by Freddy on March 01, 2005 at 09:23:35:

I have an opportunity to purchase a foreclosed fully occupied 5 units building (in upstate NY). Lender will take 135K, building should appraise for about 170-180k. Building income is ~2600/mo can be up to ~2900-3000/mo. My fico is 660, with limited cash… Any suggestions.