Funding for Multi Family Sale $610K - Posted by Stacey Sisk

Posted by Mark on May 21, 2003 at 10:59:59:

Christian lady thing. When I was a stock broker 15 years ago, most of the scams were made by the so called “Christian people” When someone says the words Christian that’s when the due dilligence has to start where most of the people as soon as the person said they were Christian then that’s all they needed to know.

Find another buyer with money and I would sell as individual deals rather than trying to find one buyer. I think you could make more money that way and it would be easier.

Funding for Multi Family Sale $610K - Posted by Stacey Sisk

Posted by Stacey Sisk on May 19, 2003 at 20:58:19:

Selling 27 units total including a 10-plex, duplex, eight-plex, 4-plex, and three houses.

Will appraise between $650,000 & $720,000. Have a purchaser whom with we have agreed on purchase price of $610,000.

She has good credit but a few small hickies and does not have any money to put down, however, she is an ultimate christian lady who feels that she has been called to purchase and manage property on a full-time basis.

She has a son and son-in-law that are going to handle the maintenance for her and she will handle the business side.

At financing 610,000 in full, the properties still carry over a 1.20 DSC. This is after figuring in real vacancy rates, management, repair, and a maintenance reserve.

Having a hard time getting any local banks to go for this amount without sizable cash down.

Any suggestions?

Re: Funding for Multi Family Sale $610K - Posted by Ben

Posted by Ben on September 03, 2003 at 20:46:08:

If you are willing to carry the note, I may have a solution. Drop me a line with your number & we can talk.

Re: Funding for Multi Family Sale $610K - Posted by ROD

Posted by ROD on May 27, 2003 at 19:02:20:

PLS RESPOND WITH A GOOD CALL BACK #

Re: Funding for Multi Family Sale $610K - Posted by Nate(DC)

Posted by Nate(DC) on May 21, 2003 at 22:16:09:

I think there is a special mortgage program for people who are ultimate Christian ladies but have bad credit and no money, it’s called prayer.

NT

Re: Funding for Multi Family Sale $610K - Posted by Don Dion

Posted by Don Dion on May 20, 2003 at 09:15:16:

I might be wrong but I think most of the problem your having with local banks is the mixing of commercial and residential properties. Have you tried to get individual loans on the commercial units? Then have her get financing on the residential ones?

Re: Funding for Multi Family Sale $610K - Posted by cam

Posted by cam on May 19, 2003 at 22:15:08:

100% bank financing for commercial properties (those with 5+ units) does not exist outide a some very specific circumstance. Underwriters always want to see that a buyer has something on the line. The best you will see on commercial mulit-family is 80% first mortgage, 10% seller carry and 10% from buyers funds + closing costs.

Someone else here may be able to provide insight on financing for the residential multi-family (those with less than 5 units)

If the local banks won’t touch it, you won’t find higher LTV’s elsewhere.

If she has no money for down payment and closing costs, you are probabaly wasting your time with this buyer unless you are willing to carry the entire note or arrange a lease arrangement.

“she is an ultimate christian lady who feels that she has been called to purchase and manage property on a full-time basis” just a tip, keep this information under your hat when speaking to banks and lenders. It is NOT the type of thing that underwriters want to hear and will do more harm than good.

Re: Funding for Multi Family Sale $610K - Posted by Tonia

Posted by Tonia on May 27, 2003 at 20:09:07:

Ha HA!! Great response!!