All Forum Posts by: Benjamin Pekarek

Be happy they're gone, get a good paying tenant, and SCREEN so you're not in this boat again.

 I honestly couldn't tell you! I always utilize hard money or seller financing to get into and complete projects, and on completion refinance them into conventional rates.

-Ben

@Kyle Bethune, 

Check out Florida Community Bank - they're a true portfolio lender with branches in both Tampa and in Orlando. You MUST have impeccable credit, and a track record for them to even consider you, but they will give conventional term mortgages to REI, and more importantly, will fund against properties held by LLCs.

@Tim Davis - Sent you a private message

@Kyle Bethune - Lake Wales has had some phenomenal deals in the last few years!! I currently live in Sarasota, and own more units in Polk county than I do in Sarasota/Manatee! 

Have a seventeen unit project in Polk county Florida that needs immediate attention.

Full financials here

Private lender backed out at the last second, and I need this deal funded ASAP!

Amount needed : $500,000

As-Is : $850,000

ARV : $1,300,000

Exit Strategy : Refinance to my institutional lender once deed and financials are seasoned.

Direct line is below -8661, office is -8660. Call me direct with any questions.

-Ben

Hello Vanessa!

If you're looking for commercial property, we service the whole state of Florida. Doesn't matter if it's a duplex, or a 200 unit apartment complex, we'll assist in the purchase, and facilitate the management.

If the property is in Florida, call up your local Florida Community Bank branch, they can loan against LLC owned properties.

I've put the full financials on my website, I'd appreciate any feedback on what I'm doing wrong. 

-Ben

Full Financials

Project is to tie an owned six unit with an eleven unit apartment complex less than one block away. 

Seeking $500,000.00 at 8-10% I/O, on a minimum 12 month note. Would prefer 24-36.

15 out of 17 units are occupied, gross current income is  $8,250 per month. Rents are below market, and will rise as tenants cycle out. Market financials are $12,750.00 per month. 

Properties are held by an LLC, principal is a Florida licensed Broker, and Certified Property Management Specialist.

I've posted this everywhere except Bigger Pockets, but I need this deal closed quickly. If you have any interest, please call or e-mail me. My direct line is in my contact information, replace -8660 with -8661. 

Thank you for your interest - Link to full financials below. 

-Ben

Full Financials

I'm currently looking for a bridge loan cross collateralized against five deeds, and seventeen units. The project is 88% occupied, with no delinquency. I'm asking for a 58% LTV note for 12-24 months - $500,000.00 total note, 8% I/O, with 3 pts. origination.

It's a combination refi/acquisition, I'm refi-ing my six plex for the downpayment, and using that to acquire the eleven. 

I'm a Florida licensed real estate broker that runs a property management company, I manage 207 residential units in the state of Florida - I currently own eight units, and the eleven under contract will bring me to nineteen. 

I've compiled the full prospectus showing the financial strength of my company, the current and pro-forma financials showing that the deal cash flows, and will REALLY cash flow once my renovation is complete...What am I doing wrong? 

Any advice is GREATLY appreciated - I need to close by the 31st, (provided I don't get the extension I'm asking for...) and I'm getting desperate. 

-Ben