ADVICE FOR CLOSING ON A MULTIFAMILY PROJECT

  I submitted a loan request for a multi family project structured with 30% down. I was contacted back and the lender said the deal was doable but that I would need a partner with multifamily experience. I structured the project with 30 down over 3 million and noi after mortgage and expenditures of 127,000+ /year and 457,000 cash on hand after close with another 6 months reserves all expenditures. My credit not so bright and would be my first deal. Can someone advice me of how I can get a deal like this closed or where I may be able to find a partner with experience to close deals of this kind.  I am willing to do a reasonable split my investment of moneys to close down payments closing cost etc. in exchange for the help mentoring and partnership to get these deals moving forward. Your help and assistance would be greatly appreciated. Gerald West 214 554 8969 or 719 888 WEST(9378)

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Comment by Robert Parker Brown on May 4, 2018 at 9:49am

If you are willing to start over, it may be worth it to get another lender.Lower down payment. A management company will provide all of the relevant experience. Plus get a market rate.

I am a broker with experience in the MF market financing.

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