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Financing of Multi-Family Build on Owned Property
My client would like to get financing for the following scenario:
- Client that owns property outright and is hoping to
build an apartment building(s) on this property - Client
wishes to finance 100% of the buildout - The
property is in Texas - Value
of Land $250K - Estimated
construction cost $600K - Credit
score estimated at 700 - What other parameters must be considered? Reserves, LTV, etc.? Could this qualify via DSCR?
- Client that owns property outright and is hoping to
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4 Replies
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Sonny, looks like it can be a great deal. To get started let’s have your clients complete a 1003 mortgage loan application and complete a personal financial statement. Need a summary sheet of the borrower and co-borrowers including their resume and experience in commercial real estate. Need to know if the borrower is the builder or just an investor. Need to know more about the builder and the relationship the investor has with the builder. What is the credit scores, income and schedule of real estate owned
Going to need Financials but talk with Nelson Thompson first @MortgageSensei
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Sonny, let me know when you and your daughter are available. @SonnyW
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Hey Sonny, this sounds like a great project! Give me a call at 470.667.9595 to discuss this further
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From my understanding it is a builder and does not quite have permits yet. I told Sonny we can possibly do a TBD and get the ball rolling. On another note do we have an investor for mobile home parks and RV parks for @RPE