All Forum Posts by: Simmy Ahluwalia

@Joshua Kavadi - are you still looking for an Agent?

So, the model is purchase, renovate, secure NNN tenant and sell? Any end buyers in place?

@Austin Ennis - ATL based as well. So, this is a tricky one. First, if my assumption is correct, are you renting by the room with this hostel and with transient tenants? If so, dscr won't apply here. DSCR (primarily) is for tenants with long-term leases (or in the case of STR, less than 30 day stays). That being said, this type of application could be considered a PadSplit model, where there is financing, but it's also tricky as well. Is your property permitted for Hostel use?

@Marshall Smith - fyi, I'm from Hattiesburg orginally.  So, dscr would be your best bet, but it can be dicey as most dscr lenders want a minimum value per door, in your case it would be $60k.

@Aqil Dharamsey - happy to review and price out the acquisition and reno piece.

@Ambica Pilli - need more information, especially the property type and how the numbers shake out.

Ditto to all of the above.  85% is very doable with a strong credit score, strong dscr, but yes, the rate is going to be higher because of the higher leverage.

Alex, reach out. We are ATL based and finance value-add deals all of the time. So, you are converting an existing 14 door LTR to STR? We finance based on 70% of ARV.

@Chris Magistrado - Austin is a good market for us.  Happy to review your deal scenario and the numbers.  We can facilitate both the purchase/reno and then refinance into a 30 year fixed.

@Charles Becoat - financing is available for any type of Multifamily asset.  Question is, does the deal pencil, do you qualify for the financing, do you have experience owning-operating a multifamily asset, do you have the required net worth and liquidity, etc....