I own 550k worth of class C multifamily units.
They where value add projects, I’ve rebuilt 9 units.
I am ready for a larger challenge. I ve always self financed however If I want to experience explosive growth will I have to stop turning down hard money?
I am use to self financing, but a couple thousand a week I can handle, 10-20k a week I can not.
I can leverage my heloc options
bank loans run a interest rate of 5% interest only and usually about .5% of a point .
I found a company that will factor my line of credit
As cash on hand and will give me a 10x multiplier
The interest is 12% and 3 points on whatever I use.
I found a 30,000 sq ft value add mixed use property
That needs everything from the studs out.
My remodeling company is more then capable of quickly and professionally handling this project.
I am looking to find affordable financing
12% interest comes 8500 a month
The project would take 4 months to complete
25,000 in points (3)
59,000 in financing before I can even begin
To find a refinance deal
This dosnt even factor in my heloc
I need to find a more affordable solution
What are you guys use to paying
Is there a company out there
Who offers competitive loans