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Nolan Gottlieb
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Looking for $1.26M, 8-9% for 3 years on stabilized 14 unit MFH. *FIRST POSITION*

Nolan Gottlieb
Pro Member
  • Investor
Posted Feb 7 2024, 13:37

I know this is a long shot, but I'm looking for a private money investor for FIRST position financing on a 14-unit property in NE Georgia. The property will appraise for $2.1M currently, more like $2.35M in 3 years. The loan will be conservatively a 65% LTV with a rent roll over $15K/monthly. It's in 3rd party management that can verify everything, I've got a T-12 that can be verified as well. This property is such a great property, but I'm having a hard time (along with my mortgage broker) getting permanent financing. I'd be happy to get any docs you need along with explain the nightmare we've had with lenders on this one.

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Erik Estrada
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#2 Private Lending & Conventional Mortgage Advice Contributor
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Erik Estrada
Lender
#2 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
Replied Feb 8 2024, 05:24

Hey Nolan, 

Why are you having difficulty getting permanent financing? What kind of financing have you already applied for? 

Do you have experience owning any 5+ Units or will this be your first one? Has an appraisal already been completed? Lots to dissect here. 

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Chad Davis
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  • Richmond VA
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Chad Davis
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  • Lender
  • Richmond VA
Replied Feb 8 2024, 09:18

@Nolan Gottlieb May be able to assist but would like to know why you are having difficulty and the feedback you are getting. Happy to connect and chat further.

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Marty Johnston
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  • Wauwatosa, WI
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Marty Johnston
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  • Lender
  • Wauwatosa, WI
Replied Feb 8 2024, 19:07

@Nolan Gottlieb Ill echo the other's here to inquire on the difficulties securing financing for this one, everything you're listing here seems okay. Would also be curious in knowing which lenders you've approached so far for financing?

Would love to chat more! Sent you a DM

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Replied Feb 9 2024, 11:55

--
Matt GomesSkytree Investments, LLCCell: 860-532-9047Schedule a call with me!
Why work with us?
http://www.skytreeinvestments.com/
[email protected]

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Simmy Ahluwalia
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  • Atlanta, GA
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Simmy Ahluwalia
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  • Atlanta, GA
Replied Feb 18 2024, 12:42

@Nolan Gottlieb - we are ATL based.  Would like to better understand your scenario, unless the challenge has been the property is in a rural location in NE Georgia?  Reach out and we can chat more about it.