Financing for an Apartment Complex?

Question

Hello, I have an excellent off market opportunity to purchase an apartment complex here in the Cincinnati area.  Can anyone with experience recommend a financing source? We are looking for $2M -$3M.

Thanks

Jeff

Chris Seveney · Answer

@Jeff Roberts

If you have experience and 30% down there are a lot of lenders. I would go to a local credit union or bank and start there.

Also check out see if it qualifies for a Fannie Mae loan

Jeff Roberts · Answer

Yes, I am open to just about any funding source, and trying to get my ducks in a row.  The seller is a long time friend, and approached me about the opportunity.  I will try to get back with those of you that have reached out to me.  Part of my questions right now is around available terms.  I have heard numbers between 6.5 and 8%.  Lengths between 20 and 30 years.  Down payments between 20 and 30%.  It is tough to underwrite anything with those kind of variances.  I have extensive residential rental experience, but almost none with 5+ units.  Thanks!

Sam McCormack · Answer

Shot you a message, I have a couple people I would connect you with

LaShandra Butler · Answer

Hi @Jeff Roberts I am a funding consultant with several options that can help you with your $2M - $3M deal. If you are open to it, we can discuss how I can assist you with obtaining funding for your deal.

Scott Mac · Answer

Armchair Quarterback says It's always intelligent have your financing lined up before you go hunting for a deal.

That way you know what you can qualify for, And how you have to structure your cash reserves and personal net worth, etc...

Good Luck!

Timothy Hero · Answer

I broker for DSCR lenders for multi. Not sure if that's the kind of financing you're seeking, or a private investor.

Timothy Hero · Answer

I broker for DSCR lenders for multi. Not sure if that's the kind of financing you're seeking, or a private investor.

Financing for an Apartment Complex?

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