Any creative lenders for 6-unit (high DSCR) property? - Fast Close Needed!

[Jeremy Greenwald]

Great small multifamily investment opportunity!

I am UC on a 6-unit property in the Atlanta metro area with great value and metrics, but I am having trouble finding financing for the deal due to it being classified as a legal non-conforming use by zoning. It was grandfathered into the current zoning code. We have already completed the inspection and appraisal, both of which have come back clean. We are closing on June 28th. The lender we were working with initially said they could do legal non-conforming uses, but now have backed down from that. We are looking for a 30-year DSCR product at 55% LTV, but open to other creative financing terms to come up with half the purchase price.

Here are the details:

• Property: 6-units (mix of 2/1 and 1/1's) – configured as 1 SFR, 1 duplex, and 1 triplex on 0.47 acres
• Condition: Older structures but significant renovations to SFR and duplex in last 3 years. Triplex is fair quality with some deferred maintenance, but livable. Recent exterior spot repairs.
• Purchase Price: $680K
• Rent Roll: ~$6,200 per month, all units rented with long-term tenants and multi-year active leases.
• Appraisal: $850K
• LTV% Requested: 55%
• Zoning: Located in an overlay district zoned for 12 attached DU per acre.

Are there any creative lenders who are willing to lend on a legal non-conforming use and can close in a week? Please send me a private message and I can share more details.  

Offering Memorandum and Appraisal Available Upon Request!