Financing a 47 unit apartment deal in Texas

Financing a 47 unit apartment deal in Texas

Investor · San Antonio, TX · Member since 2019 · 576 posts · 307 votes

Good afternoon, recently I've been working with an extremely interested buyer for a distressed 47 unit apartment complex I have available in south TX. We have talked to several hard money lenders, commercial lenders, even some commercial banks in the area. So far everyone is moving very slow, we need to get this deal closed in under 3 months. What are our options? If you lend in south TX please reach out. If not and you have a valuable opinion to share, let me hear it!

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  • Lender · San Diego, CA · Member since 2019 · 874 posts · 355 votes
    6y
    Originally posted by @Stone Saathoff:

    Good afternoon, recently I've been working with an extremely interested buyer for a distressed 47 unit apartment complex I have available in south TX. We have talked to several hard money lenders, commercial lenders, even some commercial banks in the area. So far everyone is moving very slow, we need to get this deal closed in under 3 months. What are our options? If you lend in south TX please reach out. If not and you have a valuable opinion to share, let me hear it!

     PM

  • Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes
    6y

    Does your buyer have particular terms or an LTV they're looking to meet or are they most interested in closing?

  • Investor · San Antonio, TX · Member since 2019 · 576 posts · 307 votes
    6y

    @Odie Ayaga

    Really just looking to have something lined up so he can close.

  • Hadar OrkibiPro Member
    Rental Property Investor · USA / NZ · Member since 2016 · 1k+ posts · 812 votes
    6y

    @Stone Saathoff the best option would be talking to local mortgage broker, they will know who is lending right now and what. try the guys at Old Capital, they know TX very well.

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