Qualified Intermediary for 1031 Exchange" · Jacksonville, FL · Member since 2015 · 239 posts · 84 votes
I hope someone can help offer some financing options for my situation. In short, I own 8 separate self-storage facilities, most of whom have a first mortgage on them but all of the ones with first positions have at least 60-70% equity. Between all of these facilities, I have about 5 million in equity but they are mostly held in separate LLC/Corp but I am 100% owner in all of them.
Additionally, I have 6 condos/townhouses, a self service Carwash, some warehouse space, and residential /commercial property free and clear. The issue is pulling any equity out of these properties has proven to be impossible because of being self employed with the new banking regulations. Probably another million in equity there but my goal is to secure a $500,000 loan or line of credit which will allow me to do some expansions and secure some additional properties. I am happy to put any of the property up as collateral so anyone who has any solutions or suggestions, I welcome them.
Investor · Buffalo Grove, IL · Member since 2016 · 23 posts · 16 votes
10y
I heard a podcast that you may find very helpful. It was Real Estate Investing Profit Masters Series with Cory Boatright Episode 28. The interview was with Clint Coons. He talked about ways to structure that are attractive to banks. Have a listen. It made perfect sense.
Investor · Buffalo Grove, IL · Member since 2016 · 23 posts · 16 votes
10y
I heard a podcast that you may find very helpful. It was Real Estate Investing Profit Masters Series with Cory Boatright Episode 28. The interview was with Clint Coons. He talked about ways to structure that are attractive to banks. Have a listen. It made perfect sense.
Developer · Rochester, NY · Member since 2016 · 406 posts · 339 votes
10y
I am newly self employed and I just did a refi of my portfolio. The bank didn't even ask for paystubs or for my personal income. All that they cared about was loan to value and the leases. It sounds like you have plenty of equity and collateral so talk to a local portfolio lender about getting a B Note against your collateral.
Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes
10y
We have your solution. Cash out refinances to 70% ltv on your self storage facilities with no tax returns. We can do your residential/commercial properties as well. I won't be able to do your car wash and the warehouse space may be problematic, but the others should be okay. I'm assuming these properties aren't in a rural location.
We occupy the space between hard money and banks. The rates and terms are certainly not hard money, but they won't be confused for bank rates either. PM me for further information.