I need a lead on an investor friendly ( small time RE investor with a port of 50 SFH's) mortgage company-- seeking under 4% to expand portfolio. Anyone?
15 years is ideal. Cash was paid for the 50 properties, now its time to refinance 50% out of each to buy additional. The big banks will not do it for under 4% and the costs are 2 points higher at the local level. Hit me on Gmail if you have any ideas. thank you
So your investor wants to finance each prop individually even though there are no lien-holders, currently? Dude, that's simply not how it's done. Johnson Cap and others will underwrite the pool. it's large enough to be of interest.
Correct. He's done around 10 with the big banks, but now they shut him off. It's my best friend, not just an investor and I am not trying to profit from this-- just lend a hand if possible. The pool is $500k plus minus--- would Johnson have interest?
I don't really know. They are in LA. He should certainly call them and at least try to get a referral for a local group. Johnson may not be interested in that size, but what is the notional on the entitled land and structures? If it's over $20MM they would probably want to talk with him. Edit: $500K? For half-interest in 50 homes? The numbers don't make sense.
Sorry, the total port value is around $4 million-- <$50 to 100 k per property. Can you share a contact at Johnson Cap ?
Oh wow, these are low-brow. I don't recall the guy's name. It was 2009 when I talked to them. North Philly? http://www.johnsoncapital.com/