Posted by Michael Ben-Edward on May 23, 2006 at 12:28:15:
OOPS!
That’s the INNER loop. Better area, not a war zone!
Michael Ben-Edward
100% Financing 68 units in Houston - Posted by Michael Ben-Edward
Posted by Michael Ben-Edward on May 23, 2006 at 12:22:45:
Hello Ed Garcia:
This is advice I got from Lou; followed by my note to you.
Hi Michael,
For a deal like this you may want to speak with Ed Garcia at http://www.creonline.com/real-estate-financing/index.html - he is a very respected commercial mortgage broker.
Best of Success & Abundance,
Lou Castillo
www.InvestorRiches.com
Hello Ed:
Read lots of your stuff, however, I have never had the pleasure of direct contact.
By this forward you can see how Lou Castillo feels about you.
Have an opportunity to acquire 68 units multiple dwelling in Houston, outer loop area, appears to shows a 9+ cap, and provides for 10% management. As I am living in New Orleans (or should I say stuck), and the Broker and I have a good rapport I am going to accept the statement until an offer is accepted.
Here’s my problem. I need to finance 100%, using the income approach to debt service.
What will you need to proceed? My personal FICO is around 680+ in the midrange.
Can only show mostly state income, no docs.
But, according to Lou (and others) if you can it will be done.
Other than you, I would present this to Bank of America, where I have an excellent rapport for long years, but have never approached my banker with a commercial/multi residential of this magnitude.
Thanks for listening.
Most sincerely,
Michael Ben-Edward
New Orleans
504 818 1917
Ps I am a former CA Broker, specialized in larger Multiples. Bought a great lifestyle, but now just a tired old man. Also still maintain a ‘mail drop’ in Carson City and perform Resident Agent functions for Nevada corporations, mostly non profits.
Unfortunately, the index on CREOnline only addresses home financing. Of course I could write you in Ranch Cucamonga?
Regards,
Michael