All Forum Posts by: Josh Roman

@Alecia - 

Thanks, very much appreciated!

@Joe - Thanks for the message - first deal for me like this, but a few quick thoughts to your questions!

We will evaluate the deal both ways (and probably a combination of other ideas as well), and decide what makes the most sense long term.  Splitting the parcel depends on the local government, so hard to say, but our understanding for this specifically is that it is relatively simple / not very costly.

Whether we split the parcel or not is somewhat the reverse of "greater than the sum of its parts". The split would be determined by whether the value to us by selling off a few or not.  I'm sure as owners there could be some benefits on the cost side either one time or recurring...we'll see as we evaluate.

@Alex - Thanks just shot you an email.

@Robert - good to know - if we go through, this is our path, but current owner wants one close only...i.e. we can't split before.  Certainly the hot potato is leaving a gaping hole in our evaluation! Appreciate the info on the One PIN as it should help us explain to the lenders better (who aren't Alex!)

super helpful both of you. Much appreciated!

Hi David, 

thanks for the reply - working through a local bank now from the commercial side

Two of our banks (one local, one not) said they can only do up to four units - one of our commercial lenders says we need a commercial loan from an NMLS lender.  Not an eligibility issue so much as who is able to take it on.  Just seemed strange that it falls into neither category...

Josh

Long Time reader, first time poster...here goes.

Investor looking at a deal in Oklahoma near our other properties. Property is one parcel with 6 permitted structures on it, 4 duplexes and 2 SFH, total 10 units. Commercial Team at our bank says it's not eligible for commercial financing, conventional team saying it's more than 4 units, and does not qualify

Two questions:

1.) What category does this fall under for financing?

2.) Current owner asking for one closing, with all properties, but perhaps they are mistaken and this is not possible?

First time I've seen this, so any help much appreciated!

Thanks