I purchased an apartment building (28 unit) in a B neighborhood in Cleveland at the end of 2018 (44135 zip code). The building was purchased for $1,000,000 and the as-is appraisal came back around $1,250,000. As completed, should appraise around 1.4-1.5. I have a first position for 845k. Looking for a 6-month private money loan for $200k in the second position. We will be refinancing long-term during this time.
A few people have reached out directly, so I thought I would answer their questions on this post:
1. We are not offering equity at this time on this deal. This is a debt investment that we will pay 1% per month while we have the funds secured by the building.
2. We would consider pre-paying interest at the time of funding. (ie, you would actually fund $188,000 but get paid $200,000 balloon at the end of the term).
3. We have a long list of references we have done these types of deals with previously.
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