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Seeking 20% financing for 34 unit building
Posted by: Toya Thompson on 3/4/2010 2:24:05 PM
Funding Needed:
$250k - $500k 		Category:
Real Estate / Construction 		Website :
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Location :
Chicago, Illinois, USA 		Viewed : 452 times
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Description:
I have a income producing property in Chicago, IL that's a 34 unit brick building in the popular South Shore area. NOI is 160k. Net cash flow after debt service (mortgage) is 75k. 85% of the tenants are on two year leases and are in a subsidized housing program with the city of Chicago. So this means the rents are guaranteed by the city of Chicago. Solid property and income with 90% occupancy (only one or two empty apartments). I've been approved for 80% and need 20% ($260,000) for down payment. Would be willing to do a 1-2 year fixed loan (will consider interest only loan). Exit strategy is to refinance in 1 to 2 years and pay out second loan to combine into one. Property valued at 1.6 million Purchase price 1.3 million. Please let me know asap if you need further info and/ or whether or not you can help.

Thanks!

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