74% LTV in Portland Oregon

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74% LTV in Portland Oregon

Michael Moikeha
Investor · Portland, OR · Member since 2014 · 354 posts · 149 votes

I have an opportunity that may work for someone interested in diversifying their lending partnerships, or locking up their money at a decent rate as the market starts to shift.

We know that times are changing and if anyone is looking to secure funds in guaranteed long term holds in a great market (Portland), check out what we have below.

We have 3-4 properties we are looking to refinance as rental properties and we would rather work with partners/lending partners rather than banks. We would love to work with one partner rather than multiple, but if you are interested in this option but don't have the funds for the full portfolio, contact me and we will see what we can do.

We have 4 properties that we are currently interested in refinancing. Below are the numbers.
Property 1  
  • $900,000 Value
  • SE Portland property
  • $5,300+ rental potential
  • $700,000 lending wanted
  • 77% LTV
  • Prime Portland

Property 2

  • $430,000 Value
  • Oak Grove (Portland)
  • $3,300 rental potential
  • $301,000 lending wanted
  • 70% LTV
  • Large Dividable lot

Property 3

  • $175,000 Value
  • Lincoln City Beach house
  • $1600 rental potential
  • $122,500 lending wanted
  • 70% LTV
  • Double lot

Property 4

  • $250,000 Value
  • East Portland property
  • $2,000 rental potential
  • $187,500 lending wanted
  • 75% LTV
  • Large dividable lot

Total Value - $1,755,000

Total lending - $1,311,000

Totally LTV - 74.7%

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  • Robert Laird
    Real Estate Broker · Portland, OR · Member since 2014 · 292 posts · 114 votes
    10y

    What is the anticipated IRR and ROI and annualized yield?

    0Reply
  • Michael Moikeha
    OP
    Investor · Portland, OR · Member since 2014 · 354 posts · 149 votes
    10y

    @Robert Laird

    IRR - 16.4%

    ROI - 9.8%

    APY - 4% - 5%

    We like to hold onto properties that have expandability. Holding onto a rental property is great if it can cash flow even just a little, but holding onto a cash flowing rental that is on a double lot, or a dividable lot in the Portland area is money. Being younger investors, we want to sit on that till the next cycle. Right now construction costs are through the roof. We are late to the building game for this cycle, but we have prime real estate and time on our side. 3 of these 4 properties have expandability.

    The 4th project, we already expanded, the SE Portland property. We added an ADU with street level access. Portland will only continue to grow with no room to build, increasing the value of properties in its boundaries year after year.

    We know what we are asking for is not a Hard Money, or even an active investors bread and butter, but we are looking for someone interested in slowing down their investments and locking them into longer terms.

    1Reply
  • Nathan Click
    Lender · Morrisville, NC · Member since 2015 · 610 posts · 131 votes
    10y

    @Michael Moikeha - I'd like to take a look at this deal.  It may be something I can help you with.  Feel free to reach out to me.  Thanks.

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    10y

    not anything I would be interested in personally but I just wanted to mention that I like your thought process here.. and I would personally start to execute your lot splits ASAP things are not getting any easier on the regulatory side and you don't want to wake up one day and find out the rules changed and drastically effected your long term strategy.

    and why not a bank this is where this should be.. they are the only one's with reasonable rates and long term horizons.. just saying.

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    0Reply
  • Michael Moikeha
    OP
    Investor · Portland, OR · Member since 2014 · 354 posts · 149 votes
    10y

    @Jay Hinrichs

    Thanks for the insight. If we lock down a refi, then we will get the ball rolling on the lot splits.

    The reason we are not going with a bank is because we are too young of a company. We have looked into a few different bank options, but they need to "check" their boxes, and we don't fit that box. We don't show enough of a profitable history in our 2 1/2 years business.

    If you know of any local banks/credit unions that are flexible and would look at a something like this, feel free to pass along some contacts!

    0Reply
  • Ben Krieger
    Chicago, IL · Member since 2016 · 67 posts · 4 votes
    9y

    @Michael Moikeha Try propertygo.com - Will get proposals from lenders on there. We do a lot of Oregon properties.  

    0Reply
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