48-unit student housing complex in Texas. 100% occupied for upcoming school year (12-month leases). Leases guaranteed by university.
- Asking price $2.6M
- Purchase price $2.34M
- Funds pledged to-date $300k
- Gross income $398,546
- Total expenses $158,010
- NOI $240,536
- CAP 10.3%
I am looking for an additional partner (or partners) to put $300k into the deal so we can secure conventional financing with 25% down. Structure flexible:
- Debt financing (interest only, 10% simple for 5 years, return of original capital at refi/sale in year 5)
- Debt financing (6% @ 30 years w/ 5th-year balloon)
- Equity financing (12.5% buy-in gets 15% of net profits)
I am actively seeking other sources for this funding, but the seller won't wait forever. If interested, please contact me at [email protected] or via PM here at BiggerPockets.
I am checking around for deb financing. Will be back.
70% LTV Max, No income verification
7.50, 3/27 - 3 ypp, 1 point
7.99, 3/27 - 3 ypp, 0 point
* I/O for 3yrs add .25 to rate
* 2ypp add .75 to rate
* 1ypp add 1.50 to rate
Call if interested
So I thought it might be interesting to post the results of this Marketplace ad here as time goes by.
To date, I've gotten the following contacts/offers:
- Presentation of terms for conventional financing that don't match the info in the original post (i.e. I'm not looking for a lender to finance the whole deal - I'm looking for a passive investor to help me close it.)
- Was forwarded an email by another BP member who'd previously been contacted by someone with a client looking to invest $500k-$1M in a small, commercial project. (This has been the most promising lead so far.)
- Contacted by a hard money lender and asked to visit his website to fill out an application (have not completed the app because the terms of my deal - listed clearly above - don't meet the requirements shown on their application page).
- Contacted by a 3rd-party referring me to another hard money lender's site and requesting that I use his name as a referral "or they might not respond." Have not filled that application either, for same reason above.
- I have one other active contact, but I don't think it was the result of this Marketplace posting. I think I clicked through to his website from another Marketplace ad and filled out the questionnaire about my project.
So far, most of what I've gotten appears to be lenders and/or mortgage brokers looking for applicants. I'm going to try to post an update here daily, both for informational purposes and to keep the post near the top of the thread list. Fingers crossed that I can get it front of the right pair of eyeballs and get my deal done before the seller moves on.
Sorry, I misread your post. Sounded like you were looking for capital and debt.