Help financing a perfect 29 unit complex

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Posted by J Garrett on January 24, 2010 at 18:09:46:
Looking for ideas for finding commercial lenders who
would
close this deal...or should I be looking at hard money
here?
purchase price: $550,000.00
monthly property income: $11,812.00 (market rent
(14,400)
Annual Income: $141,747.00
Financing Assumptions
Mortgage amount $500,000.00
Mortgage Rate 10% interest only-5-10 year: 4200.00
Annual Debt service $50,000.00
Replacement reserves: 150.00 per unit $4,500.00
Cash Flow after Debt Service and reserves: $3,000.00
Equity Investment Down payment: 50,000.00
Plan to subdivide units (market value is $125,000.00
per
unit)
Refinance property up to debt (500k) within 3-5 years
Sell properties off as condo/townhomes at $125,000-
$150,000
per unit.
Problem is that I have a low fico-Got hit real hard
after I
lost job 2 years ago. Now I am employed and have been-
but I
have a low fico of 550-570

Follow Ups:

Re: Help financing a perfect 29 unit complex Munir 09:14:39 01/27/10 (0)

Re: Help financing a perfect 29 unit complex john 20:21:36 01/24/10 (4)

Re: Help financing a perfect 29 unit complex j garrett 22:11:37 01/24/10 (3)

Off Subject Dan 23:21:58 01/24/10 (2)

Re: Off Subject J Garrett 23:27:18 01/24/10 (1)

Re: Off Subject James Harris 21:57:03 02/02/10 (0)

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