***Need 90%+ LTV FINANCING AND A QUICK CLOSE FOR A 40 UNIT APT BLDG.
February 1, 2005
Hello group.
I am searching for a commercial source who can possibly privide 90%
ltv or higher financing for a 40 unit Apt. building located in
Georgia. Our company has been unable to help the client and the
origination broker who brought the package to us. We are willing to
step out of the picture if anyone can help the client.
Here the overview:
1) The borrower has credit scores of 640, 641, 661. Personal income
averages ($63,000), plus has some rental properties producing
($21,000). He doesn't have a lot of available equity in these
houses.
2) The property is located in Georgia, has a sale price of:
$1,385,000. The number of occupied units is 40 units (one is section
8) + office + maintance room. The total gross rents: $188,340.
Average operating expense: $68,000
Seller will be contributing $41,000 towards closing.
Buyers need a quick closing and 90% or higher ltv financing if
possible.
*****************************************************************
The borrowers are short on cash, however, they have 10% left to put
down for closing.
This deal does require Immediate Attention. If anyone can
help..please contact 410.212.7084. cell. or write to paultringali @
yahoo.com
Thank you,
Paul
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