MI, Multi-family, Purchase, $440K, FICO, 67% LTV
Posted on 2/27/2014 10:16:42 PM
My client is purchasing a 28 unit apartment building built in 1997 that is located near Henry Ford Hospital and Wayne State University in Detroit, Michigan. If you are afraid of Detroit then please don't contact me. The property is 95% occupied and in excellent condition. My client is experienced and has a $3.5 million net worth. The Detroit Development Fund will provide $220,000 for the balance of the $660,000 PP with a second and subordinate position to the first. We have title work ready to go. My client's deposit is hard and the date to close is March 14. MSHDA does not grant extensions to close. This is a great deal for my client which is why he bid it even without the cash to finance the purchase. He will refi this building and a second apartment that has over $1 million in equity in it as the exit strategy. He loses his deposit if he does not close. If you can help, please contact me and if not then please don't waste both of our time. Thank you.