Portfolio consists of mostly 2-4 units plus several 5-20 unit complexes.
Purchase price 8m
Appraisal estimate of value 11-12m
Seller Carry 2m 2nd DOT
Need 6m to close, no money down from buyer.
Debt service is huge with a 900k NOI. A 6m note @10% would be 600k per year, a 300k/year profit at those high rates.
Exit is to refinance after 90 day seasoning with portfolio blanket. (Already approved)
Properties are all in one area of North Carolina in a college town and most were built after the year 1990 and are in excellent shape.
No rehab needed, all properties are excellent!
Property management company in place already, turnkey deal.
We agree to escrow all rental income and pay lender directly each month from that account.
Hard Money Lenders Now Offering Real Estate Investor Loans in Georgia Atlanta | Augusta | Columbus | Macon | Savannah | Athens Hard Money Loans | Refinance Cash-Out | Purchase | Fix-N-Flip | Commercial | Construction | SBA Business Loans