Rental Property Investor · Phoenix, AZ · Member since 2016 · 94 posts · 13 votes
We are looking for good lenders/brokers first of all who know what they are doing, have already dealt with plenty that don't.
We have a 26 unit complex (three buildings) that are located in Cincinnati (top city currently for investing) that were purchased at separate times and have two loans totaling $427k. The buildings values are $850k+.
The goal is to refinance the loans into one loan, pull cash out for capital improvements and upcoming deals and keep the properties for another 5-10 years.
We have been doing REI for 15 years and focusing on apartment buildings in the last five and we are very good at it. We took these properties and within five years have increased the net income by nearly 150% with them being 100% occupied by long term tenants.
Current loans on the buildings are at 4.75% so we would to refinance near or better than that rate and are open to fixed rates of 5/1 - 7/1 arms. Obviously max LTV is important 75-80% or greater.
All paperwork is in order and ready to go, just need someone/someplace who wants to handle this deal and all our other deals coming up (nearly 200-400 units this year).
Appreciate the time and look forward to hearing from you all.
I tried going to the website listed above and couldn't' find the proper site. I was hoping to be able to message you about the opportunity you presented above. Could you possibly contact me so we could discuss this. Thank You
I would love to take this project on, along with others you have coming down the pike. We are a national brokerage, so we're able to originate in all 50 states.
Per the information that you provided above (minimum loan amount of $500k), we can offer similar/competitive rates to what you currently have, but our loan product would be a 10-year hybrid (5 fixed and 5 floating). Minimum FICO of 700 for this program.