Need portfolio lender - 8 unit non warrantable condo building

[Quinn Irvine]

I am looking for 70% LTV rate and term on a 2020 built luxury condo building. My LLC owns all 8 of the units, rents are 25k a month. $2,730,000 loan amount on $3,900,000 value. I have explored my options as apartment/Multi Family and the best ltv out there is 65%. Would like separate loans on all 8 units. 720-740 credit, Full doc or bank statements.

[Erik Estrada]

Quote from @Quinn Irvine:

I am looking for 70% LTV rate and term on a 2020 built luxury condo building. My LLC owns all 8 of the units, rents are 25k a month. $2,730,000 loan amount on $3,900,000 value. I have explored my options as apartment/Multi Family and the best ltv out there is 65%. Would like separate loans on all 8 units. 720-740 credit, Full doc or bank statements.

 Interesting scenario, 

Are all units financed on separate mortgages? Is there one mortgage covering all of the units? 

You may need to get an exception on this if you are planning to use a DSCR based loans as many lenders may require that no single entity own more than 25% of the units on a non-warrantable condo. There may also be exposure limits that come into play if you are looking to financing all of the units.

Also are the $25k in monthly rents from the actual rent on the leases? Is the property vacant? 

This sounds like a local community bank or a true no doc commercial lender will finance this. Lastly, where is the $3.9 mil value coming from? Based on sales in the area? or Income of the property?