Looking for a lender or hard money loan that loans on a (90%LTV)
Does anyone know of a lender that offers 90% LTV? Looking to buy in TX and/or FL. Thanks!
[{"id": "id5a141", "text": "Hard money lenders vary state to state. At 90% ltv will be a hard money lender with a 12 month term. 12%+origination fees. \nCurious, what type of project is this?", "replies": [{"id": "id5jua9", "text": "A few smaller apartment complexes that need a little work.", "replies": [], "depth": 2}], "depth": 1}, {"id": "id5c98x", "text": "I wish I could be more direct in answering your question, however most of my experience is with transactions in Canada. Deals are more levered here and I have had significant success in structuring construction loans and acquisitions at up to 95% of cost.\n\nEven in the US, there are a number of lenders who consider funding projects at higher leverages. As with any deal, the outcome is contingent on project specific metrics. A quick Google search unveils several lenders in Texas offering 95% LTV of acquisition costs with a lower cap on ARV if you are looking to acquire &amp; rehab residential units. \n\nAre you able to further elucidate on your parameters? i.e., asset class, target acquisition cost, location (within prime urban centre or secondary market) etc.", "replies": [{"id": "id5kg45", "text": "Thanks for the input. There\u2019s a few apt buildings  in those states, some are in urban areas. \n\nI\u2019m curious about the CRE market in Toronto as far as for multi-units and mixed use properties. Are the prices ridiculous and how\u2019s the inventory?", "replies": [{"id": "id9da2i", "text": "The market in Toronto has been robust for more than a decade. We are starting to see a curtailment in demand as higher interest rates take a bite out of purchasing power. That being said, there is so much upward pressure from our lofty immigration targets that the long term view is unchanged \u2014 lots of demand, not enough supply. The current provincial government has come up with a plan to reduce barriers for developers and that could potentially remove some barriers to incentivize development. For reference, it often takes 5 years to rezone &amp; obtain a DP in the GTA. \n\nThe general consensus is that we will see a balanced market \u2014 irrespective of the fact that the current situation invariably sucks for anyone currently in the ground and banking on a high leverage takeout.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "id6rf68", "text": "You\u2019re looking at private lenders for a bridge loan. Probably 12 month term and you\u2019re going to get absolutely fleeced on rates in this environment.\n\nThis seems like a horrendous time to be levering up 90% on multifamily. Rising rates and everything is still trading at compressed cap rates while costs are getting trucked by inflation. Recipe for disaster.", "replies": [], "depth": 1}, {"id": "id9d9v5", "text": "How much are you looking to borrow?", "replies": [{"id": "id9qkty", "text": "$300k for a 4plex but that\u2019s includes about $20k in minor repairs and maintenance.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ie31twh", "text": "Get ready for Tony Soprano level rates.", "replies": [], "depth": 1}]