Looking for a Commercial Lender for Several Cash-Out Refis

[Vitaliy Volpov]

Hey guys,

We have four 4-unit buildings and one 5-unit building which are ready to refinance now and a 13-unit building which will be ready to refinance in a couple of months. All of the properties are located in cities/towns near Albany, New York. Our estimated values for these are $420k for each 4-unit, $560k for the 5-unit, and $1.6M for the 13-unit. All of these properties have been rehabbed and repositioned since purchase, are fully occupied, and are rented at market rents. Each property is owned in a separate LLC of which myself and my business partner are 50% members. We typically work with a few local commercial lenders for all our refis. But, I figured I'd reach out on the BP forums to see what terms lenders/mortgage brokers on BP are offering.

The terms we have been getting locally are 80% LTV, 25-year amortization with 5-year balloon. Minimum DSCR thershold of 1.2%. 1st position liens on the buildings. Personal guarantees of the LLC members. I am looking to see if anyone can match or beat these terms.

For background and context, we currently own over 300 units between the two of us (all small multi-family between 2 to 13 units). We also own a real estate brokerage and a property management company and I am a licensed NY attorney. Most of the properties we buy are off-market, using private financing, and they all have a significant amount of equity.  Beside the properties I mentioned above, we'll also be looking to refinance another 7-8 buildings in the next year or two. So, I'm looking to build a new relationship with a lender that can be our go-to for cash-out refis.

If you think there is opportunity for us to do some business together, please message me directly and we can discuss things in more detail. Thank you in advance.

Vitaliy