10 Unit Apartment Conversion, Need Lender, Northern Michigan
Hey Friends,
My partner and I are currently bidding on a 10 unit motel complex to be renovated into efficiency housing on a lake in Northern Michigan. Partnered by equity with a very experienced real estate investor that has converted hundreds of hotel units into affordable housing developments in Florida. Looking for a pre-approval letter.
Here are the numbers:
0%-5% Down, Seller Financing $115,000, 20yr Mortgage, 4.5% Interest, Balloon At 24 Months. (Total $125,350)
I need to borrow $150,000 for renovations and $15,000 for potential down payment and to carry some of the monthly debt prior to refinance.
The 10 units will rent for $500. 60% NOI values the property at 360K. There is an additional unit on the property we are not including in the NOI until we see it.
700 Credit Score
Best regards,
Daniel Rogers