Investor · Ojochal, Costa Rica · Member since 2013 · 287 posts · 164 votes
Hello everyone;
I have a client in Cleveland with a 24-unit property and they need to borrow some cash to complete some rehab work to get the remainder of their units back online. They are looking for about $120,000 and would like to find a private lender willing to work with them.
The building is 24 units and is 50% rehabbed and 50% occupied. All common area work has been completed.
They are not looking for a hard money lending company.
Thank you in advance for any leads you can provide.
Investor · Ojochal, Costa Rica · Member since 2013 · 287 posts · 164 votes
13y
I have a 2 page writeup on the property now with P&L and photos if anyone is interested. The current owner is looking for either a loan for $110K or a JV partner who would like to own 50% (buy-in amount is negotiable)
The loan would be a 1st position mortgage on the property so it will be guaranteed by the asset.
Let me know if you would like further information.
Investor · Ojochal, Costa Rica · Member since 2013 · 287 posts · 164 votes
13y
Hi Ben Reese;
Thank you for inquiring. This building belongs to a client of mine so I'm not sure what kind of terms they are looking for, but I do know they want to pay out any loan they get as quickly as possible. When fully occupied the building should have an NOI of about $65K per year, so they will have no problems paying back a $110K loan.