Updated almost 11 years ago on . Most recent reply
LOW END MULTI-FAMILY FINANCING UNDER $20K
I believe I have a sales price for a distressed 4 unit blocks from a university. $10,000+ closing costs+ rehab costs= $15K. I will do a cash out refi in 6 months for your exit. Let me know your rates!
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How much skin are you putting in the deal?
What's your experience in rehabbing and bringing troubled properties into performance?
What will you be offering the lender as collateral?
What is your backup strategy if the property cannot be refinanced in 6-months?
These are all pertinent bits of information I would need to know before entertaining the idea of lending on a distressed - presumable vacant - property.