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Multi-Family and Apartment Investing

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Brooke Boyd
  • Investor
  • Birmingham, AL
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11
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Bank financing for apartment building repairs

Brooke Boyd
  • Investor
  • Birmingham, AL
Posted Mar 22 2018, 14:14

I purchased a historic 5 unit apartment building in Birmingham, AL and I am getting ready to start the work. I think my regular loan guy quoted me 20% down and 18% interest rate to get funds for rehab a while back. I am wanting to borrow $100k. There is no mortgage on the property. I hope to receive the historic Federal and State tax credits. I could sell my house to get the funds but the value on my house continues to grow (located in the up and coming Avondale hotspot) so I would hate to cut off that asset at this time. I want my home value to continue to increase. Does anyone have referrals or solutions on how to get money for an apartment rehab. The 18% interest seems ridiculous. 

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