Looking for financing for first deal
I have found a 222 unit complex. It has 42 efficiency apartments, 160 one bedroom apartments, and 20 two bedroom apartments. It has “100%” occupancy. I am just unsure where to start when looking for financing. Anyone have any suggestions?
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@Justin Hobbs Great to hear on the potential deal! A commercial bank loan would provide you with the best rates. However they're going to ask (1) what experience do you have in managing apartment buildings, (2) Do you have the down payment ? You didn't mention the asking price.
Beyond that they're doing to ask for rent rolls, deferred maintenance, all the numbers basically. Have you analyzed it and assuming it's a good deal?
Welcome to BP btw!