All Forum Posts by: Kevin Tillery

Or, if cash at close (private, card, LOC, etc), followed by a 2nd a month later? I'm not sure how a lender would feel about that, but it's still cash to close and no immediate second.

All viable options to consider. I'll work these strategies as well. Thank you.

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Originally posted by @Ann Rosen:

Most private and hard money lenders that I know will not permit seller financing as a second position (or first) and they want the borrower to bring some cash to closing. If you find a lender who will permit 25% seller financing and no cash by the borrower to close, please let me know!

Right. This is the issue I'm running into. I'm on the prowl to find someone that'll fund though. I will definitely share the lead upon discover.

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Originally posted by @Matt A.:

What financing options do you have? Do you have any existing relationships with a bank that is willing to give you a commercial loan or someone with private money that wants to partner with you?

I can tell you how I would fund it if I had that deal. I would use my line of credit or cash to fund the down payment and secure the rest on a commercial note from my bank.

I could possibly raise private money. Though, I think bank financing would be more likely for this purchase price. No commercial relationships. The lenders I know are on the residential side. I approached a few banks and they are saying the seller held 2nd isn't going to be approved. Ok. That makes sense. Thank you.

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Good day.

Who's an ideal lender (private, hard money, bank, etc.) to finance a purchase where the seller agrees to hold a 2nd at 25%?

I just got an opportunity to acquire two very profitable investment properties, one 6-unit and one 7-unit in NJ. The purchase price for both properties is $300K and the seller will hold $75K. All of the 13 units are occupied and the NOI is $65K. Being these are commercial properties - the value is based on cash flow. As a result, the LTV would be 38%.

The deal is under contract and ready for funding.

Who should I approach to fund this purchase?

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Has anyone recently closed a deal via raising capital from fellow, or aspiring investors?

I'm a member of a real estate group, and I would like to present fellow members with the opportunity to become private lenders in an apartment building I'm looking to acquire.

Should I form a syndicate?

Would it make more sense to form a partnership with the group; sharing equity and income?

Shall I draft a PPM, raise the funds and just pay back those invested with interest?

Or, is there another/better strategy to use OPM to buy this apartment building?

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@FarakhZaman

Would you consider the north NJ or Atlanta market?

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All Forum Posts by: Kevin Tillery

Kevin Tillery has started 10 posts and replied 39 times.

Post: Looking to raise capital?

Post: Licensing Requirements to lend my money

Post: Private lending /hard money

Post: Is This Deal Suitable For Private Money, Hard Money or Bank Loan?

Post: Is This Deal Suitable For Private Money, Hard Money or Bank Loan?

Post: Is This Deal Suitable For Private Money, Hard Money or Bank Loan?

Post: Is This Deal Suitable For Private Money, Hard Money or Bank Loan?

Post: How Can I Access My Network To Begin Raising Capital?

Post: Should I give up on buy and hold?