All Forum Posts by: Ryan Kurth

great suggestions - thanks @Tom W. @Brian Pulaski and @Charlie DiLisio !

Well, we have almost completed an extended rehab - new innards, finished a 950 SF basement, stopped flooding etc. (really wished I started a deal diary of this one!) and have run into a snag.

The HVAC needs some repair/maintenance work, and we aren't getting heat into the building. We are trying to keep our drywall guy working to stay on schedule, and wonder if anyone has a cost effective and sage recommendation on getting ~2,000 SF heated? We've ran through a few different ideas this morning, including just waiting it out, but just on here making sure there's not something obvious we're missing. 

Thanks in advance, 

Hi Jill - this is a great question! It might be helpful for others looking to provide their thoughts to know what type of bank/loan you are working with. 

I will try to provide some perspective from my experience as an institutional lender with one of the largest banks in the world and as a commercial real estate hard money lender with iBorrow.

At the bank, me going to loan committee means that I have vetted the real estate, borrower, and my proposed loan structure with what is usually an office or regional manager. I may have even provided a quick informal preview to the "Credit" team prior to putting together more formal material and a formal Credit call. Once I and my production team are pretty certain that we are at least close to "there" on terms, proceeds and structure, we will setup our credit call to get the credit team's blessing and answer any more specific questions they may have. 

This is just me and my process personally - at that point that I was going to Credit, I knew that there was a deal for us to offer to the borrower, and I would not be expecting a black and white NO answer. This is for 3 main reasons - 

1) Credit is very busy and wasting their time does not get me on their good side, 

2) Bringing poor deals to Credit sets a bad precedent and creates a sense of suspicion on future deals and makes it harder on me. As a lender, it's all about building trust with your team and your clients through proven results., and 

3) I would much prefer to get a quick NO to a Borrower and point them in the right direction than string them along in the hopes that I get something past Credit. 

Different institutions will have a different process, but hopefully you are working with a good financial partner in your bank/lender that has shepherded you and the deal through the process efficiently and honestly.  

Hi all, I am simply reaching out for recommended contacts in the commercial real estate loan / mortgage brokerage space. I am looking to connect with commercial loan brokers and was hoping that some of you all might be just that person or have some names that come to mind. 

I have (what I think at least is) a good commercial loan platform that I think would be a great addition to a broker's toolbox. 

Please post here or PM if you'd like to connect!

Thanks,

Hi all, I have a pretty simple offer on the table! I will pay for commercial real estate loan leads that I close a deal on. I am a direct lender, not a broker, and offer bridge financing for commercial real estate projects $2M+. I can lend in most non-judicial foreclosure states across the country, and loans are typically as follows:

$2MM+

No personal guaranty required (non-recourse)

Purchase or Refi

6 - 36 month term

Fixed Rate

Interest Only

NO raw land or ground up construction

Typically ~65% LTV

I promise to offer a quick yes or no answer. We underwrite the collateral and not the Borrower, and have the ability to fund quickly. 

I'm offering a referral bonus for closed deals, and a continuing referral bonus for repeat business with a borrower. This is in addition to any other fee arrangement you may have with a client, and we protect broker's fees:

New business: greater of $2,000 or 5 bps of loan amount (i.e. $10M loan = $5,000 bonus)

Repeat business: greater of $250 or 1 bps of loan amount

PM me with any questions or deals! 

I've run into the same thing looking at a deal, interested to see if anyone has any experience with this!

The trick is, these are mostly in a super hot market, so there are obvious price points that he'd hold firm on, but is still willing to listen to any creative structure that keeps him some cash flow. Looking for a win-win.. Thanks for replying!

Hi all, 

I've come across an owner that has a portfolio of 8 rental properties, all single-family. After discussions and a meeting with him, it seems his real goal is to smooth out cash flow and off-load management risk to begin to set himself up for retirement. I'm trying to figure out a win-win scenario, and was hoping to gain some experience and input from the community here.  I'll be general on the details now, but we can get into the weeds in whatever direction this post brings us...

7 SFR properties -

Various market quality, from meh to promising

2 are in the meh market, and are rented through and qualified for a section 8 type program (but not section 8, as I'm made to understand it)

The 4 in the best markets all have traditional bank loans on them - roughly $925K of 'market value', $580K of debt (most LTV around 70%, one is at 35%)

The other 4 have no debt, and about $650K of value

All seem to be pretty low maintenance as far as structure, yard etc, especially with improvements made since acquisitoin

He bought these with a partner/contractor from 2010-2014, did extensive rehab to some, light rehab to others

All are claimed to be rented (leases to be verified), total monthly rents are $10,315, taxes in the area are around $1,600/month across the portfolio.

He is open to owner financing and/or some sort of master lease 

He has a close relationship w/property manager charging him 6%

We would not like to commit a lot of cash to this portfolio

Hi Curt, 

The property is still available for sale. We took the holiday period to close out some final touches and permits, and have it fully leased to strong tenants. We are hearing offers and are okay holding as well. 

We are interested in selling to free up some cash to go after a bigger deal without as much outside equity, but in the interim it will provide significant cash flow with essentially no maintenance other than minimal yard work every few months.

We're also active in the market, but no rentals for sale right now. Please keep me in mind if you have any deals come across your desk!

Check out 5900 Harwill Circle on any listing sites - BP members get special treatment for this one, and we can offer a significant discount for buyer with no broker! If you're a broker looking for a buyer, or send us a buyer, I can offer a much fatter fee than typical.

**OPEN HOUSE SUNDAY - 12/4, 1 PM - 4 PM**

Total Remodel from foundation to all new windows and new roof. New tile floors and carpet, new cabinets, new countertops and appliances. This duplex is a complete turnkey investment, best value on the market. 2+den/office / 1 bath on one side and 2 / 1 on the other. Live for free, all types of financing welcome - Live in one side and rent the other, rent out rooms, or rent both units and enjoy the easy cash flow! The building will be super-low maintenance as all major systems have been replaced or updated over the last few months. High appreciation area, in the path of development.

Send over your offer!

Offered by Owner, I am the owner - selling as I have another investment I'd like to dedicate resources to.. Brokers and non-brokers welcome. Open to creative deals as well!