Realtor · Forest Grove, OR · Member since 2017 · 35 posts · 15 votes
Looking for a ~ 2.5-3 M loan for a 30+ unit complex. Wanting to be creative with down payment. Currenty in process of cash out refi on one of our other properties, will get somewhere in the neighborhood of 300-500k. We have other properties with equity as well if we need to tap those streams. Hoping to find a lender that will work with a seller second mortgage, or another way to finance the remaining down payment percentage. Maybe a program similar to SBA 504 which advertises 10% down would be nice so that we do not need the seller second mortgage, or bridge loan for the difference. Have experience with other investment properties. High credit score 750+, liquid assets 50k+, equity in other properties around 1 M+. Let me know if you need more information, or offer any lending options along these lines. Would love to find a local portfolio lender with competitive rates, but doesn't have to be local. NOT looking for hard money with interest rates! Conventional/creative financing with standard interest please!
Lender · Atlanta, GA · Member since 2015 · 1k+ posts · 200 votes
8y
Hey Nick, is this purchase a cap play? If so, we can help with the conventional piece and/or potentially some mezz/equity. You can reach us at: [email protected]
Realtor · Forest Grove, OR · Member since 2017 · 35 posts · 15 votes
8y
Anyone used Advent Finance LLC before based in Georgia? www.advent-fg.com. I sent in some quick paperwork and they approved a 2 M + transaction with only 5% down, at a locked rate for 4.25% over 30 years, with the first 10 years being interest only, but no prepayment penalty. Seems to good to be true, and I can't find any online presence. 30 year fixed term, is unheard of, and I don't think even exists in commercial real estate. I would think there would be a scam related to application fees or something, but they don't charge any fees, even prepay for the appraisal, and you pay for their $10k lending fee and appraisal after the loan is funded... Ideas? I'm worried when something sounds too good to be true...
Lender · Atlanta, GA · Member since 2015 · 1k+ posts · 200 votes
8y
Hey Nick, my company is based in Atlanta, and I'm pretty connected, but I've never heard of these guys. And yes, those terms don't seem realistic. I'm in this space daily, and for that kind of purchase, you're going to need a minimum of 10-15% cash down.
As FYI, these are my terms:
3.5 origination points
30/30, 3/1, 5/1,7/1, and 10/1 Term Length
High 4's to mid 5's for fixed rate
$300k to $20M
65-75% LTV (based on location, age, quality, etc....)
Also available for: Mixed Use; Student Housing; and 4/5 star Mobile Home Parks, and Low Income Housing