Updated over 4 years ago on .
Lost financing on a package deal!
Hey all!
I'm not used to asking for help. I am a fairly experienced RE fella, but this one is exhausting me. Analyzed and it's a home run.
Long story short after having several $500k plus package deals cross my desk and couldn't do anything with them, I vowed I would give it my all in 2021. After connecting with many prospects and note investors, had this deal locked down and it is a home run. But, as RE goes, curve ball and 2 solid money guys opted for the next one. I sometimes wonder if the money wants deals but when you ask them to go all out they can't handle it.
The deal is under contract. $700k loan. 10+ Cap rate after all expenses at the loan amount (forecasted light on maintenance and vacancy since we are a PM company).
Was willing to pay 12% with about 3500 per 100k borrowed, dispersed between front and back loaded.
This is Indianapolis and is comprised of a (1) 12 Unit apartment building, all brick; (2) brick duplex; and (3) a near downtown Shelbyville (suburb of Indy, city is investing $19M into the downtown district, built a parking garage, it's a pretty hot market over past 18 months).
Have about 25 days to close and I don't use banks (unreliable, too many variables). Would rather not wholesale...