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dinkeridoo
266 Posts |
 Posted - 05/13/2008 : 11:46:36 AM
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I have a borrower with a 760 FICO who wants to purchase a 12 unit in Studio City CA (los Angeles, Great area)
Purchase price is 2.8 million
-Brings in about $17,000/mo in rents
-1 and 2 bedrooms
How much would he have to out down? And can you give me an idea of a rate on the deal?
thanks |
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mortgagemessiah
7399 Posts |
Posted - 05/13/2008 : 11:47:22 AM
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| What's the DSCR? What's he willing to put down? |
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EMScommercial
4444 Posts |
Posted - 05/13/2008 : 11:48:21 AM
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Borrower should expect to be putting down 20% - best case 10% plus fees.
I like Studio City... uncle used to live there...
Our network of over 325 commercial funding sources which we are direct brokers for (lenders, banks, private money, hedge funds, insurance companies, etc.) - NATIONWIDE ... and Beyond!!! - could be just what you need for such a deal..... (the number changes regularly - adding and removing to meet our clients' needs) to our internal - proprietary database.....
We do all the legwork - finding the lenders interested and getting the documents to them.... receiving the letters of intent and organizing them in sensible order for your clients..... we should work together on your deals.... let's talk!
** We issue a mutual NCND to protect both sides!! **
Eclipse Mortgage Services is the proverbial 'head of the snake'... the end of that broker chain.... next step - the lending source....
We currently have 238 lending sources for this type of property in our internal database! This will help us find just the right loan for your client!!
Please contact me asap so we can get this taken care of! Just a note... if you call and I am not available at that time to talk, any one of my highly trained account managers can help you as well.
Remember... We only get paid when the thing funds!
Hyperlink to our page for submissions - very straight forward and simple - http://www.eclipsemortgageservices.com/body_contactme.php - we will instantaneously receive word of you submission and one of our account managers will be assigned and within one business day, you will be contacted and we can start the process!
Check out our BASIC RATE/TERM sheet to get an idea if your scenario is 'in the ball park' and then contact us to start the ball rolling to get specific numbers for your loan! http://www.EclipseMortgageServices.com/aaaaaEMS_ratesheet.pdf
Thank you... |
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AndrewSoss
346 Posts |
Posted - 05/13/2008 : 11:59:29 AM
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quick and dirty (if you don't know how this is done, you should either learn or refer this deal out...you are only going to eff it up)
17k/mo
x .95 for vacancy
x .65 for expense allowance (35%)
= ~10,500 / mo NOI
1.20 DCR at 6% on 30 yr amort allows for a loan amount of about 1,460,000. Best case, you might be able to strech it to 1,525,000 or so.
so, like 55% LTV...doesn't look like a great deal. |
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dinkeridoo
266 Posts |
Posted - 05/13/2008 : 12:03:39 PM
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| He can out down 100% if he needed to. I want to figure out how he can get a rate in the 6%-6.5% range. |
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AndrewSoss
346 Posts |
Posted - 05/13/2008 : 1:06:22 PM
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quote:
Originally posted by dinkeridoo
He can out down 100% if he needed to. I want to figure out how he can get a rate in the 6%-6.5% range.
seriously? In just the first (not necessarily the best) place I checked this morning was 6.5% (1.00) w/ I/O on a 30/15 fixed for 5. 6% is par.
That should be about the going rate, but I'm sure you can find better. |
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dinkeridoo
266 Posts |
Posted - 05/13/2008 : 1:26:33 PM
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Thanks. I don't do commercial very often so Im out of touch with the market. What lender was that and how much down? Could you also recommend some other lenders to try? I would be grateful
thanks
quote:
Originally posted by AndrewSoss
quote:
Originally posted by dinkeridoo
He can out down 100% if he needed to. I want to figure out how he can get a rate in the 6%-6.5% range.
seriously? In just the first (not necessarily the best) place I checked this morning was 6.5% (1.00) w/ I/O on a 30/15 fixed for 5. 6% is par.
That should be about the going rate, but I'm sure you can find better.
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Jack Straw
1042 Posts |
Posted - 05/13/2008 : 5:15:57 PM
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I can do 65%-70% LTV with the balance down in cash if you will take Hard Money.
Too aggressive for a 2nd. If the value checks out 75K is doable.
Best Regards,
Gillee Sherman, California Equity Lenders, Inc.
(818) 584-2318 - Direct
(818) 522-9307 - Cell
(818) 337-2262 - Fax
gillee@calequitylenders.com
www.calequitylenders.com
DRE Corp ID# 01837295
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wcaldrichjr
68 Posts |
Posted - 05/13/2008 : 5:23:44 PM
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I think Mr. Zoss is not the most friendly person so here is someone to call: Alexander Kaushansky at Arbor, it is a Fannie mae lender and one of the tops in the market. His number is 646-685-6621, tell him I told you to call and that you aren't overly knowledgeable about commercial but have a live one and he can put down whatever it takes to get the Debt service to work.
quote:
Originally posted by dinkeridoo
Thanks. I don't do commercial very often so Im out of touch with the market. What lender was that and how much down? Could you also recommend some other lenders to try? I would be grateful
thanks
quote:
Originally posted by AndrewSoss
quote:
Originally posted by dinkeridoo
He can out down 100% if he needed to. I want to figure out how he can get a rate in the 6%-6.5% range.
seriously? In just the first (not necessarily the best) place I checked this morning was 6.5% (1.00) w/ I/O on a 30/15 fixed for 5. 6% is par.
That should be about the going rate, but I'm sure you can find better.
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ccbank
1174 Posts |
Posted - 05/13/2008 : 8:56:51 PM
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| If you should have issues getting this deal structured, call me. |
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omegafunding
228 Posts |
Posted - 05/13/2008 : 9:02:03 PM
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You want to work with someone who knows these deals. We do. We work in CA.
This is a straight forward deal. How quick does he need to close, what can he put down?
We have some great rates starting at 6-7%. He can go SBA and go up to 85% if he has the credit. No prepay. Or else non SBA will carry a prepay for the first 2-5 years. Call to discuss we have many options.
thanks
Omega Funding, Inc
www.omegafund.com
720-279-4345
quote:
Originally posted by dinkeridoo
I have a borrower with a 760 FICO who wants to purchase a 12 unit in Studio City CA (los Angeles, Great area)
Purchase price is 2.8 million
-Brings in about $17,000/mo in rents
-1 and 2 bedrooms
How much would he have to out down? And can you give me an idea of a rate on the deal?
thanks
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dkendall1979
8001 Posts |
Posted - 05/13/2008 : 9:02:31 PM
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I hope you find the right home for your loan, but I can't understand why someone would want to put $1M+ down on an income property and not make any income? Especially in this market. Just seems odd.
quote:
Originally posted by dinkeridoo
He can out down 100% if he needed to. I want to figure out how he can get a rate in the 6%-6.5% range.
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AndrewSoss
346 Posts |
Posted - 05/13/2008 : 9:45:11 PM
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quote:
Originally posted by dinkeridoo
Thanks. I don't do commercial very often so Im out of touch with the market. What lender was that and how much down? Could you also recommend some other lenders to try? I would be grateful
thanks
quote:
Originally posted by AndrewSoss
quote:
Originally posted by dinkeridoo
He can out down 100% if he needed to. I want to figure out how he can get a rate in the 6%-6.5% range.
seriously? In just the first (not necessarily the best) place I checked this morning was 6.5% (1.00) w/ I/O on a 30/15 fixed for 5. 6% is par.
That should be about the going rate, but I'm sure you can find better.
Technology Credit Union is the pricing I quoted earlier. www.techcu.com/broker
United Labor Bank in Oakland. www.laborbank.com
United Commercial Bank
Circle Bank's Marketable product
WaMu
that should get you going. |
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KHufford
4303 Posts |
Posted - 05/14/2008 : 12:07:02 AM
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quote:
Originally posted by AndrewSoss
quick and dirty (if you don't know how this is done, you should either learn or refer this deal out...you are only going to eff it up)
17k/mo
x .95 for vacancy
x .65 for expense allowance (35%)
= ~10,500 / mo NOI
1.20 DCR at 6% on 30 yr amort allows for a loan amount of about 1,460,000. Best case, you might be able to strech it to 1,525,000 or so.
so, like 55% LTV...doesn't look like a great deal.
Nice work. We need more people that actually post real numbers and how to get things done, not just, "Send the 1003! We can fund it!"
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