Good morning,
This month’s success:
Our work with one of our construction rehab specialists.
They located a distressed apartment building. Two of the seven buildings are red-tagged, with 75 % vacancy and little to no management. Definitely distressed in need of qualified specialists.
With a rehab budget of 1 ½ times the purchase price, we had a unique project needing extra work and creative financing to put funding in place.
Our solution: Start with private money to make the initial investment, with the following strategy. By the time permits are issued, we roll in with a construction loan, then go to permanent financing.
The Details: 35% down payment, with an additional 10% needed when the construction loan comes on line. With these funds, we meet the 15-20% of project cost, as we move to completion. (Rough est.).
What’s next? We finish with a 35-year fixed rate loan, with 25% sweat equity. Quite the success story on just one project.
We are here for you and your creative ways to success.
We are here to help structure your commercial transactions. This includes special purpose buildings and apartments, offices. Have an investment others consider “out-side the box”: Give a call and lets start talking.
Gratefully yours,