Loan scenario: IA, $900,000, 750, 64% LTV, Refinance, full, NOO
Property type: MF
Loan purpose: Refinance
I am seeking a refinance for a multi-family property I own in Cedar Rapids, Iowa.
Value: $1.425 Million (based on recent appraisal)
Loan Amount Sought: $900,000
Seeking to lower the monthly P & I payment and use the funds for improvements and reserves.
Current liquid reserves of $90k.
Property is currently in a limited partnership, guarantor has a 750+ FICO.
Property qualifies on its own; depending on your rates and programs, DSCR could be better than what is stated above.
Please respond only if you know you can do this loan, and in your contact info, please include your website that has further information on your loan programs.
I am a real estate broker and former mortgage broker.
Thank you in advance for your interest and response.
by rp_56 October 9, 2012 4:08 PM
Based on the information you've provided I'd be interested.
Depending on the term of the loan, rates would be on somewhere in the 4% range, fixed, with a 30 year amortization. A non-recourse loan is possible (lender will tell me once I present them with some basic info)with cash-out possible.
Lender is a top 10 national multifamily lender that I enjoy a first name basis relationship with.
For my part, I do not charge upfront fees and have been a CRE broker for over 7 years. My fee is 1% and I will paid out of loan proceeds at closing.
by TheMaineEvent October 9, 2012 4:26 PM
I work with several lenders that could refinance this property. If you provide the rent roll and the terms of the current loan, I can provide quotes from more than one source.
Commercial Cash Expert
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by richardloan October 10, 2012 12:59 PM
I am originally from your neck of the woods, I grew up in Carroll Iowa and have family that lives in Cedar Rapids . I know the area well and I have someone that can get this done if the financials are in order , and if you got a good downpayment we can get this done.
I work directly with an attorney in Phoenix with 40 years background , so if I can be off assistance call me at 623-240-0083. My name is Jim I'll be glad to help you.
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