Looking for lender - package of 3 SFH in Florida

Tampa, Florida
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Looking for lender - package of 3 SFH in Florida

Dustin SeagerPro Member
Interior Designer · Tampa, FL · Member since 2021 · 19 posts · 12 votes

Looking for a lender for a package of 3 SFH in Southwest Florida. Will require about $50k in cosmetic rehab. Seller is asking $585k for all 3 homes. Rental income around $5700-$6k total.

Interested in both traditional and hard money options.

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Robin SimonBusiness Member
Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
3y
Quote from @Dustin Seager:

Looking for a lender for a package of 3 SFH in Southwest Florida. Will require about $50k in cosmetic rehab. Seller is asking $585k for all 3 homes. Rental income around $5700-$6k total.

Interested in both traditional and hard money options.

 your best bet will likely be to go to a private lender that offers both the hard money option for the purchase and rehab and then also the long-term option once stabilized (save time/energy if you can just quickly refinance with the same lender)

I recommend @Zach Edelman for this - does lots of both hard money and DSCR in Florida

[email protected]
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  • Dustin SeagerPro Member
    OP
    Interior Designer · Tampa, FL · Member since 2021 · 19 posts · 12 votes
    3y

    Additional detail: Current property value estimated at $846,000 for all 3 homes.

    0Reply
  • Brittany MinocchiBusiness Member
    Lender · Massillon, OH · Member since 2022 · 1k+ posts · 486 votes
    3y

    Hey Dustin - 

    Are you looking for funding for the rehab as well? Is the rental income from current tenants or is that projected rents? 

    [email protected]330-354-6590
    Brittany Minocchi - Barrett Financial Group, LLC520 Reviews
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    0Reply
  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 679 votes
    3y
    Quote from @Dustin Seager:

    Looking for a lender for a package of 3 SFH in Southwest Florida. Will require about $50k in cosmetic rehab. Seller is asking $585k for all 3 homes. Rental income around $5700-$6k total.

    Interested in both traditional and hard money options.


     Hey Dustin, located right here in Tampa / St. Pete. Happy to help you locate some good options in the area and or nationwide. Lets connect!

    [email protected]860-538-3672
    ProAlpha Capital55 Reviews
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    0Reply
  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    3y
    Quote from @Dustin Seager:

    Looking for a lender for a package of 3 SFH in Southwest Florida. Will require about $50k in cosmetic rehab. Seller is asking $585k for all 3 homes. Rental income around $5700-$6k total.

    Interested in both traditional and hard money options.

     your best bet will likely be to go to a private lender that offers both the hard money option for the purchase and rehab and then also the long-term option once stabilized (save time/energy if you can just quickly refinance with the same lender)

    I recommend @Zach Edelman for this - does lots of both hard money and DSCR in Florida

    [email protected]
    Harpoon Capital514 Reviews
    WebsiteView Page
    1Reply
  • Zach Edelman
    Lender · New York, NY · Member since 2022 · 1k+ posts · 1k+ votes
    3y

    Hello Dustin! I work for a direct and reliable hard money and DSCR. We do a ton of business in FL. I just closed a fix and flip in Wilton Manors, FL and another in Del Ray! I also recently closed a DSCR acquisition loan in Cape Coral, FL. I'd love to take a look at your scenario with you and draw out ways in which we can execute!

    0Reply
  • Dustin SeagerPro Member
    OP
    Interior Designer · Tampa, FL · Member since 2021 · 19 posts · 12 votes
    3y
    Quote from @Brittany Minocchi:

    Hey Dustin - 

    Are you looking for funding for the rehab as well? Is the rental income from current tenants or is that projected rents? 


     Hi Brittany

    We are now just looking for hard money options to fund the purchase (and possibly the rehab as well.) There are tenants currently but they will be out by the time we close. The rental income is projected, but is also on the low side.

    0Reply
  • Dustin SeagerPro Member
    OP
    Interior Designer · Tampa, FL · Member since 2021 · 19 posts · 12 votes
    3y
    Quote from @Zach Edelman:

    Hello Dustin! I work for a direct and reliable hard money and DSCR. We do a ton of business in FL. I just closed a fix and flip in Wilton Manors, FL and another in Del Ray! I also recently closed a DSCR acquisition loan in Cape Coral, FL. I'd love to take a look at your scenario with you and draw out ways in which we can execute!


     Thanks Zach. I sent you a message.

    0Reply
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