ISO: Birmingham, AL Multi-Family RE Lender
I am looking for a lender in the Birmingham market for small (8) unit multifamily property. Specifically, looking for a 10 year term with 30 your ammo. Let me know if you guys recommend anyone. Thank you.
Brent, happy to help! Are you looking for a 10 year IO option that amortizes over the 20 years after?
@Jack Mawer Hi Jack. Thanks for the reply. A 10 year term IO, amortized over 20 years would probably work for this deal. It might actually be better as this is a value add with rents ~36% below market at the moment, which is why I was originally looking for a 30 year ammo. I would need to run the numbers, but would love to connect. What type of rates do you have with this product?
I’m afraid getting this to underwrite at a 1.25x might be difficult using the current rent roll and only a 25% down payment, which is why it’ll need to be 30 year amortizing or IO. Open to other suggestions.
Quote from @Brent Busby:
@Jack Mawer Hi Jack. Thanks for the reply. A 10 year term IO, amortized over 20 years would probably work for this deal. It might actually be better as this is a value add with rents ~36% below market at the moment, which is why I was originally looking for a 30 year ammo. I would need to run the numbers, but would love to connect. What type of rates do you have with this product?
I’m afraid getting this to underwrite at a 1.25x might be difficult using the current rent roll and only a 25% down payment, which is why it’ll need to be 30 year amortizing or IO. Open to other suggestions.
Just PM'd you