I am looking for financing for an apartment complex and I have never done one of these before. I have a lease with an option to purchase a 15 unit complex for $175,000 with the owner carrying $100,000. I also need about $50,000 for rehab. I have renovated 2 apartments so far and have them rented to oil rough neckers at $300 per week for each apartment. They are funished and very nice. I am in Oklahoma and would like sources for private investors. Any suggestions? Thanks.
Why don’t you get a hard money loan for 50k + 75k + 40k = 165k… with the 40k just as a hedge factor.
What is your NOI? What do you think it would appraise for right now and after development?
If the numbers work you can get a temporary high interest loan to buy it, fix it, and occupy it… then refi to pay off the lender and the seller. I don’t think they will lend though past 75% LTV without skin… your money.
I have gone the route of a hard money lender but I have alot of medical bills after a long illness, it has left my credit score average at 525. They wanted a partner to come in with better credit.
The NOI is over $100K per year since I want to lease the apartments as contractors apartments by the week. Are there private investors or hard money lenders who will look at the deal and not your credit?
Current appraised value is around $200,000. ARV should be $275-$300k.
Try John Corey at Chelsea Private Equity. He is strictly hard money but no credit checks…just the deal and the equity.