Does Commercial 90% LTV Exist???

[eldorado]

Hello Everyone!!:SM005:

Possibly there is some sort of help out there.
I've posted this everywhere in hopes of a positive response:SM135:

Before I have to give up and get a 9 to 5 job..UGCH!!

My broker left me high and dry after three months of false promises and excessive documentation.

I've searched everywhere for the past 6 months, and I cannot find 90% LTV for commercial financing with stated income/stated/assets.

It's a small commercial deal,

24 apartments here locally in town.

350K sales price, 35K down, 315K mortgaged=90% LTV.
83K+ income / 38K expenses

Unfortunatly..

The owner juiced the books with their other property's expenses and nixed the appraisal with 44.5K expenses.

I verified the expenses and know they are currently 38K

I could go one better, and affordably put in individual meters so everyone pays their own electric-instead of me.

The appraisal was based on a .10 cap rate

Unfortunatly, A low comp in the area also drove down the cost approach, He was desperate to sell. Short sale-I guess..
.
There's a fresh appraisal done last week which came in at 356K (I'm still gonnna have to pay for this)

I KNOW..I can bring a new appraisal to 450K++ in a year or so..

The property has good cash flo and could be better with competent management.

For example, the owner has a one bedroom apartment ($350 mo) and uses it for a garden shed. DOH!!

She doesnt record the laundry income.

She has a -GET THIS--A $250.00 Deductable on her insurance.

I want this building Soo bad..It's a cash cow.!.!.!

It would be a stepping stone to many other deals for me.

I could buy a single family home easier - NINA-with no rental income whatsoever at 100% LTV,

Does it make any sense?? (Logic)

NO-Not at all...

But I dont make the rules. I'm only a victim of them.

Thank You federal reserve for those wonderful guidelines.

And NO... the owner wont carry a second for 10%

She's an idiot! :SM031:

I got a 680 FICO, But that doesnt seem to help.

I'd appreciate any suggestions...:SM030:

I really dont want to be saying "Would you like to supersize that order"

PM me, Email Me, Call me, Knock on my door at 3AM !! I dont care!!
I'm working on it under the radar screen Claude, you should have an e mail. Dan

[Prime American Properties]

Hi,

Since I only signed up about a week ago, I don't know if you already got what you needed.

I have a commercial Lender who accepts 10% down for 5+ units. I have dealt with them in a few transactions and I think they are great. :thumbup:

I am a commercial R.E. & Loan Agent and I would be happy to forward your info (email) to them so that they may contact you directly with their programs.

If you don't know how to go about getting a commercial loan, I can do it for you. (You know you don't have to pay me for that, right?).

You can reach me primepropertiesandloans@gmail.com.

Let me know.

Cordially,

Joyce

[eldorado]

Thank You Joyce,
I'll be contacting you Monday morning

[DionEvalueMortgage]

While you have selected a great property, Muti-Unit housing falls into many lenders Teir 1 because they cash flow. The problem you have is two parts, STATED income / STATED Assets <AND> your credit score.

Their are lenders who will allow you to have a CLTV of 90% but that extra 10% is not going to be their money. Most stated/stated commercial teir 1 deals max at 80% with great credit (720 +). Your credit would more than likely call for a 75% LTV max (unfortuanetely).


I would ask do you really have no assets to verify? Perhaps a partner would be beneficial in this deal. Or does the current seller have an assumable mortgage in first or second postion? Might cost you a little more but that could help you out.

I would look three times at any lender saying they will lend on that scenerio at 90%, I just don't believe it to be true. But everything is worth looking into, I am curious how it comes out or if you have questions please feel free to re-post or contact me via email in my profile.

[loans2investors]

Yes there is
You just have to go to the right people.
And as far as the person milking the books I see that all the time

what your job will be to make this place more profitable is to not do the same
sometimes just changing vendors for garbage or other items help to0

My investors/lenders understand this and may help get the loan,

[Prime American Properties]

Hi,

To the non-believers :icon_roll : I just want to emphasize:

The Lender that I have had a few transactions with, DOES accept 10% down on commercial loans, STATED or FULL DOC.
They also accept 20% down on MHP's, which are (as everybody probably knows) very hard to finance.

Furthermore, they finance just about ANY commercial property. :thumbsup:

I know it is hard to believe, but a Lender like that really exists!
It took me a VERY long time to find them and I was very happy when I did.

Just let me know what you need and I will be very glad to help!


Joyce

[Apartment Finance]

I have a lender who will do a 90% but its on 2 mill and up. As this is below 500k its not in my ball park but I do know of 2 lenders who would take this deal but both will take you down the path and switch it and also have incredibly horrible rates(which changes how the property cash flows). I dont want to flame them on this board but your welcome to call me and I will tell you about them.

Sounds like Joyce has a home for them so try her.

[eldorado]

Thanks to both of you for your assistance and insight.:thumbup:
I swear, after all this is over with, I'm gonna be qualified as a commercial broker.. Hell, I am now, in comparison to some of those I have spoken to..:SM031:
It was an absolute pleasure speaking to both of you on the phone.
Thanks again.