Need 90%-95% financing on 100 homes ASAP! - Posted by Donna

Posted by Nate Andree on February 10, 2005 at 05:19:43:

Hey Clair,

I knew I would eventually run into you on one of these boards. Good to hear from you,

Nate-Wisconsin

Need 90%-95% financing on 100 homes ASAP! - Posted by Donna

Posted by Donna on February 05, 2005 at 11:44:07:

My partner wants to purchase all of these himself. I’m being told this is not possible because lenders don’t want to loan past 20 properties per person. He has a 760 score and $300,000 in reserves. He needs to go stated.

I’m looking for a broker who can possibly finance all 100 under one investor. These homes are in JAckson, Mississippi and the prices range from $40k-$70k per property, with a total appraised value of approximately $4.5M.

I do have three or four other partners who might come in to divide up the financing among them, if this is absolutely essential.

So, please anyone with any suggestions on the best way to finance under one person or brokers who can truly do the job, please contact me ASAP!

Donna Carmon
720-297-0504
DenverDonna@aol.com

Re: Need 90%-95% financing on 100 homes ASAP! - Posted by James Harris

Posted by James Harris on February 09, 2005 at 11:06:20:

Donna, I may not be able to do 90-95%. However, I can make this offer, if your partner can get the seller to take a 20% second, we can finance the rest. Please advise.

Re: Need 90%-95% financing on 100 homes ASAP! - Posted by Devon Daughety

Posted by Devon Daughety on February 07, 2005 at 11:39:51:

This is clearly no residential as Allan said. Maybe you should look for a blanket loan. You are definitely gonna need some $$ to put into these deals, no lender is going to lend you w/ no equity on 100 properties…

Re: Need 90%-95% financing on 100 homes ASAP! - Posted by Clair-MO

Posted by Clair-MO on February 07, 2005 at 07:34:14:

Donna, Have you ever considered using “creative financing” for these properties? I am closing on 60 homes and 7 commercial properties (5 Units and above)with nothing down except $10.00 as earnest money in PA in March. My partners and I are walking away with 100k each at the closing table. I will be calling you later on today and see if I can be of help to you and your partners. Are you located in Denver, CO. by any chance? Clair-MO

Re: Need 90%-95% financing on 100 homes ASAP! - Posted by Allan

Posted by Allan on February 05, 2005 at 21:41:29:

Donna,

When you have a moment, please call my office or email me. This is clearly out of the realm of residential lending. I’d be happy to look at the entire transaction as one, provided your partner meets certain criteria. 90% - 95% LTC however, is an impossible task. I assume this a folio of rental properties? I’d like to look at a summary, rent roll, P&l (2yrs) and trailing 12 and your partners balance sheet. You mention you have 4 other partners that may consider injecting capital?

Please advise.

Allan Beraquit

allan@flmortgagebanker.com

Re: Need 90%-95% financing on 100 homes ASAP! - Posted by Chris

Posted by Chris on February 12, 2005 at 13:16:22:

e-mail me w/your phone# or call me @ 214-750-0008-thanks-Chris