Posted by Don Dion on March 13, 2005 at 23:09:07:
you need someone with a real estate license in NJ to help you with this. I have checked with your state and they require a real estate brokers license to close a commercial deal of this type in your state at the min. You might find another mortgage broker but I am sure they would take your whole deal.
NEED HELP on FINANCING 128 Units ( 3 Buildings) - Posted by Argyle
Posted by Argyle on March 12, 2005 at 03:05:15:
Hi,
I am in the Residential Mortgage Business. One of my previous clients asked me for help on a Commercial deal. Since I seldom do Commercial Loans especially of this magnitude, I am hoping to get feedback & if anyone here can get this deal done. Here are some details:
Borrower purchasing a 3 building portfolio at $ 8,100,000 in New Jersey. Total Number of Units of Portfolio is 128.
( Rental area $63,350 SF )
Rental Income $ 1,020,600
Other Inc. $ 56,000
Laundry,Trash Reim, Late Fees
Gross Potential Income 1,077,300
Less Vacancy(3%) 30,600
Effective Gross Inc # $1,046,000
Total Exp: $ 374,000
NOI: $ 673,000
Reserves $ 19,000
Net Cash Flow before Debt Serv. $ 654,000
NOI/sales Price Current 8.31% CAP, pro Forma CAP 9.68%
Sales Price/GPI Current 7.52 GRM Pro Forma GRM 6.56
Current Occupancy: 100%
Comps are showing: Subject $63,280 per unit
Other Comps: $63,888 ARV
Subject Property requires NO Capital Improvement.Recent Improvements on any of 3 buildings: New Balconies, New parking lot paving, nex laundry facilities, new fencing, new roof, new elevator, new windows, new gas & boiler.
Here’s the situation. There is available financing of $6,000,000 courtesy of Broker/Capital Co. Borrower needs to come up with about 26% down payment plus other closing costs. Borrower needs about $2.3-2.4 million in order to get this deal done. This was suppose to be provided by another Funding source but did not go through.
Borrower is an LLC & has experience in Property Management of Multi-Family Rental.
Deadline is fast approaching.
Can this deal happen? If possible, pls let me know. I am sending this to several of my commercial contacts on Monday. But any feedback or any potentials is appreciated.
Thanks
NEED HELP on FINANCING 128 Units ( 3 Buildings) - Posted by Robert Hayes
Posted by Robert Hayes on April 19, 2005 at 08:30:02:
Did the deal close?