We are in contract on a stabilized 8-unit apartment building in Saginaw, Michigan. Sale price is $246,000. Gross rents are $50,340/annly, taxes are $5,700/annly, 100% occupied. I am looking for 80-90% LTV 12-24 month bridge loan. I have my team in place ready to take over the asset. Plan is to implement my systems to raise the NOI then refinance in 12-18 months.
I currently have 19 units in this market. I have a team of professional managers and GC's on the ground ready to rock and roll. I've done 6 multifamily deals in the last 24 months and closed on every deal I went into contract on. I have a HML lined up, however, I still want to shop around for the best rates and terms. Please reach out if you can lend on this asset.
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