Hey guys! Looking into building some lower income apartments. Maybe 10 units or so. My question is this... How would the bank determine the value of the complex once it has been fully rented for a year? Lets say for arguements sake the NOI is $38,400. And the GSI is $72,000. Lets say we build this and after a year want to refinance. We’re trying to plan and determine how much we’d be able to pull out. Let me know if you have any further questions or anything else we should consider. Thanks!

Everyone here can make assumptions, but the final answers are going to come from your bank. A good step would be to talk to lenders now, run scenarios by them with the numbers, and see what they would fund/re-fi. Good luck!