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Updated about 9 years ago on . Most recent reply

User Stats

21
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13
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Roman Gwin
  • Real Estate Professional
  • Los Angeles, CA
13
Votes |
21
Posts

Apartment building re-finance

Roman Gwin
  • Real Estate Professional
  • Los Angeles, CA
Posted

We are in the middle stages of buying a 30 unit apartment building in Phoenix.  We're putting 30% down and owners carrying back the 70% for 5 years.  Our goal is to re-finance in 2-3 years to pay back the sellers and my question is what kinds of lenders can we talk to about re-financing an apartment building of this size?  Should we start talking to someone now so we know what we'll need to show in 2-3 years when we're ready to re-fi?  I want to have an exit strategy for the carryback loan other than listing the apartment for sale or having the interest kick up too high if we can't re-fi in 5 years... thanks for any help/advice.

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