Securing Financing for a 3-Unit Multiplex in Hartford, CT

[Jesson George]

I’m purchasing a fully renovated, vacant 3-unit multiplex in Hartford, CT, for $450K. The anticipated rent per unit is $1,700-$1,900, annual rent 68,400

I’ve been quoted a 7.125% rate on a 30-year fixed mortgage from a direct lender with no points w/ 5,4,3 prepayment. My goal is to leverage 85%, and with an 800 credit score, I'm in a good position. I'm considering a full-doc loan if it leads to better terms.

 Exploring different loan programs and possibly adjusting the down payment to improve terms. The focus is on maximizing cash flow and securing a solid return on this investment.

[Samuel Eddinger]

Good luck in Hartford proper.  Unless the property is big and/or you are only going to source Section 8 tenants, I think it is unlikely that you will get $1,700 to $1,900 per unit.  I also hope that you are adding a big bad debt and vacancy number to your underwriting.