Hartford, CT · Member since 2015 · 28 posts · 8 votes
Hello -
I recently won an auction to purchase a 2-family property in Hartford, CT that we will retain as rentals. Because this is an auction, we must close in less than 30 days (by February 27th).
We are seeking approx. $70k from a private money lender. (A similar property across the street is under contract for $180,000.) We are essentially looking for a short-term bridge loan (6 – 12 months), until we can refinance with permanent financing.
Property Info:
Built in 2007
Roof and siding in good condition (see photos below)
Approx 2,500 sf
Both units have 3-bedrooms and 1-bath
Market rents are approx. $1,000 per unit
Please contact me for additional information if any interest. Thank you in advance for your consideration.
Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
9y
Where in Hartford in this rental? Do you have financing of the refinancing end lined up for when the rehab is done and the units are rented?
May know some people interested in lending money on this, but the area in Hartford it's in is something they will want to know and obviously they will want to know your exit strategy.
Thanks for the reply. The property is located in the northend of Hartford. I will send you a separate message with property specific info - i.e. cash flow projections, comps, purchase agreement.
I've spoken to a few lenders (i.e B2R Finance, Quicken, BBMC) who can do the take-out. BBMC says they can do an immediate take-out. While B2R needs approx 3 months of seasoning, and Quicken needs 6 months.
The main challenge with this purchase is we could not do an interior inspection because it is an auction. Both units are occupied by tenants. We, however, got comfortable because of 1) newer 2007 build 2) exterior looks fine (and we heard the interior is in good condition, although we have not gone inside) 3) we expect any interior repairs to be limited i.e. $10k, if necessary 4) discount of purchase price to comps.