I know that I can’t get a really specific answer to this question, but I was hoping someone out there might be able to give me a general idea…
My partner and I recently (2 months ago) purchased 8 condo units in an 18 unit complex. We paid cash. They’re owned in an LLC. The numbers are currently good on the properties, and rents can easily be raised by 10% over the next year (a process we’ve already begun). We also have a deal in place to purchase another 3 units in the same complex, which would give us voting control over management, etc.
Both of us have solid W2 income, and good credit (~750). We can go full doc, which we’re assuming might be necessary.
I am interested in borrowing against these properties in the form of a blanket equity line, or fixed rate loan.
Considering these parameters (especially how recent the purchase was), does anyone have any general idea what kind of terms might be realistic at this point? (general rates, length of term, ltv?)
Thanks for any feedback.