we are in the process of acquiring multiple multifamily portfolios as we have a significant 1031 exchange amount. We are already 10 units in and are in contract for another 27 spread across multiple States, mostly California and texas.
my question for all of you is if you have any recommended lenders for multifamily or apartment complex commercial loans. And also ones that can get under 60 days closing. These seem to be two very challenging challenging criteria to find. We are seeing quotes in the mid-fours but closing at 75 plus days through private lending versus credit Union or Bank lending with less favorable rates. Do any of you represent any funding entities or know of any that would be great for commercial loans? We have solid capital liquidity as well as cash flowing properties at this time.
thank you so much as always for taking the time to read this and responding if you do.
@Dean B. For multifamily you're gonna get the highest leverage at the lowest rate from the agencies. I closed a deal with them in 60 days. As long as there are no nuances such as historic tax credits or anything like that the 60 day target should be achievable.
Feel free to PM me if you have any further questions.
I have lenders that I deal with on a regular basis that may be able to help. If you send me the basic parameters of the deal and what you are looking for I could take a look and see if there is a fit anywhere
@Dean B. ...sounds like you need a solid bridge lender where execution is most important. I'd like to know more about what you've got going on. Thank you.