Updated almost 11 years ago on . Most recent reply
Refinance of 20 unit apartment
Does anyone know of any options on refinancing a 20 unit class C apartment that isn't completely stabilized? I have a single family and duplex that I am willing to refinance along with it. I am just in a pickle because the HM loan is due on March 31st and I am still only at about 75% occupancy. The property is trending upwards, it has just taken a lot longer than expected. Local banks have turned me down because my cash reserves are meager and my taxable income is low because I right most things off. Property is worth around $450k and I am allin for about $382k. The rehab cost much more than anticipated! Please let me know if you have any options. I am located in Texas.
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Travis,
What is your plan for the property? Are you wanting to hold it long term or are you repositioning it for resale?
Would you consider bringing in a financial partner that would supply financing in return for an ownership share?