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 we 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 type of 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. This should be a good, straightforward deal for the experience, knowledgeable commercial mortgage professional.
Thank you in advance for your interest and response.
by rp_56 October 10, 2012 1:54 PM
Hi Rp.... Hope all is well. I am with South End Capital a Correspondent Lender based in Boston. We have a source which may be interested in this deal.
What is current rate on the loan? Below is my contact information and website of our company. Contact me for more details. Have a good day!!!
South End Capital
by southend33 October 10, 2012 2:57 PM
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by richardloan October 10, 2012 4:39 PM
I would like to take a closer look at this file on the surface it seems to be a viable funding request. Send over executive summary, 3 yrs P & L's, YTD P & L, PFS, Resume on principal, rent roll and use of funds breakdown. Give me a call to discuss the request.
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by juniverse October 11, 2012 1:45 AM
I am a broker, however I have a wholesale relationship with a Multi Family Lender that does loans nationwide. Their rates are as follows..
With an LTV of 65%, the DSR would need to be at 1.35x. If this is feasible, please send me an email at firstname.lastname@example.org and I will tell you what information I need you to send. We don't charge upfront fees and share Rev.
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