Lenders

[Erica Sherwood]

I have the contract on a piece of income producing property. Where do I look for a lender who will finance something with a 10.1 cap rate and 23% ROI? What will they need from me? It's 1M and I have 40 days.

[Robert Sepulveda]

You need to know your debt service coverage ratio as well.

DSCR= Net operating income/total debt service

Most want to be at 1.20 or better

• Have a Personal Financial statement ready (you can find them online)
• Rent Roll with the start and end date of each lease
• 2 year history of expenses 
• 2 years tax returns (personal and business)
• ID, SS card, and corporate docs (if applicable)
• Gather copies of all leases
• purchase agreement

40 days is usually enough time for a multifamily deal.