Florida Apartment Building Lending Purchase, Refinance and Cash Out

Jacksonville, Miami, Tampa and Orlando Florida apartment loans with low fixed rates, 80% LTV, 30-yr terms, flexible terms, interest only and non-recourse options

Maximize your Jacksonville, Miami, Tampa and Orlando Florida multifamily investment with an apartment loan or multifamily loan that meets your individual needs and investment objectives.

At Winston Rowe and Associates they provide Florida apartment loans with choice helping you make better decisions. Through their proprietary multifamily lending platform, they can quickly compare their many multifamily loan programs and lending platforms providing you with a Florida apartment loan with the best rates and terms.

Loan amounts from $1MM

Highly competitive interest rates

Interest rate locked at application

Partial and full-term interest only available

Non-recourse

Up to 80% LTV

30-year amortization

Fixed rates up to 30-years

Yield maintenance or declining prepay options

No replacement reserve requirements

The True Purpose of Hard Money Loans for Commercial Investing

A commercial or residential property hard money loan is also known as a bridge loan in commercial investing — it bridges you from a temporary situation to a more permanent situation.

The goal is to be bridged from a hard money situation to a more conventional situation where you’re going to go from a very expensive interest rate payment per month to something much lower like a traditional bank loan/commercial mortgage or you plan to sell/flip the property fairly quickly.

The Five Major Differences Between a Commercial Hard Money Lender and a Conventional Lender

1 — Interest Rates

A conventional loan’s interest rates are lower than a hard money loan. In fact, hard money loan interest rates can be up to three times higher than a convention loan.

2 — Upfront Costs

In a conventional loan, your upfront costs can be as low as 1% of the loan amount. On the other hand, a hard money loan will charge 2-5% just to use their money.

3 — Loan Terms

A conventional loan term can be as little as five years or all the way up to 30 years. A hard money loan term is typically between 6-12 months.

4 — Borrower’s Credit

Your credit is very important to a traditional lender. Hard money lenders may check for major flaws, but because the loan is based on the equity of the property or terms of deal, you can have flaws in your credit and still qualify for a hard money loan.

5 — Closing Time

Closing time is the amount of time it takes to close a deal. A conventional loan is more time consuming because they have to underwrite the deal, order inspections, go through their legal department, get a “yes” from their loan committee, and put together their closing paperwork. This can take 30-60 days.

Hard money loans can close in as little as 7 days because the hard money company is usually owned by one or two rich individuals who are lending out their own money.

The Three Most Common Commercial Hard Money Questions

1. Does My Credit Matter?

The answer is maybe. When a hard money lender goes through the process of qualifying the deal and you, they look at the deal in three ways. They look at the property, they look at the area and then they look at you, so you’re third on the totem pole. However when looking at you, if you have bankruptcies or foreclosures, you may have some explaining to do.

2. Do I Need to Put Money Down?

The answer is yes because there is no 100% financing for hard money loans. You will have to put between 20-40% down depending on your commercial hard money deal. This is the down payment plus the closing cost, which can be up to 5% or 6% of the loan.

The great thing about hard money lenders is that they are open to creative deals. I recently had a student purchase a 90-unit apartment for 3 million dollars with 10% down. The hard money lender required a 30% down payment so the student negotiated with the seller to carry the other 20% for three years as a second mortgage. The hard money lender was open to this deal because, their 30% down requirement was satisfied.

3. What’s the Secret to Getting My Loan Approved?

You need to have a realistic investing exit strategy that everyone involved in the deal agrees with. Everyone involved would be yourself, your lender, the person you’re borrowing your money from, your property manager, and your mentor if you have one. Having everyone agree on an exit strategy will put you in the best position to get your loan approved and your deal closed. This article was posted by Winston Rowe and Associates a national consulting and due diligence firm

Office Building Funded in Brighton Colorado

Winston Rowe and Associates is pleased to announce that they have successfully assisted in the funding of an owner-occupied office building in Brighton Colorado through their extensive contacts in the capital markets.

This was a very time sensitive and challenging transaction. The client had a hard money loan with a 10% interest rate and balloon payment coming due.

Winston Rowe and Associates was able to help their client secure a long fixed term loan with 30 years amortization at around 4% interest.

They have a full spectrum of asset based commercial real estate financing solutions with no upfront fees.

Winston Rowe and Associates Capital Deployment Objectives Include:

Apartment Buildings
Debtor in Possession
Office Buildings
Vacant Commercial Buildings
Equipment
Medical Buildings
Assisted Living Facilities, CCR
Industrial Buildings
Strip Malls & Shopping Centers
Hotels & Motels
Manufactured Home Communities
Owner Occupied Business for SBA
Fix & Flip Rehab Rental
Rental Portfolio
Real Estate Portfolio
Special Purpose or Single Use Properties

Loan amounts from $250,000. to $25,000,000.

Winston Rowe and Associates best business and commercial real estate funding solutions occur when they combine data with consultation and common sense.

You can contact Winston Rowe and Associates at https://www.winstonrowe.com

They are a national consulting firm that specializes in commercial real estate investing, labor relations and business turn around financing.

Contact
Winston Rowe and Associates
processing@winstonrowe.com
248-246-2243

10 Mistakes That Kill Real Estate Deals

This list of 10 big mistakes real estate investors make, which will hopefully help you be able to AVOID doing them! It’s funny to talk about because between the two of us, we probably not only each made this mistakes once, but maybe twice… or more! Real estate investing can be a complicated business, so it’s important to pay close attention to your process and try not to make the same mistake twice, especially if it costs you money.

Mistake #1: Bad Planning

When you make an offer on a house and it gets accepted and you put down your earnest money, you’re probably going to have about 2-4 weeks in between until you actually close on the property. Everything from budgets, schedules and Scopes of Work should be in place.

Mistake #2: Under Budgeting Property Repairs

It’s SO important to make sure that your contractor is on the same page as you are right from the start. You need to make sure that the product you are putting on the market is consistent with the neighborhood.

Mistake #3: Add-On’s

After you have put together your schedule, your Scope of Work and your budge, and you’ve started demo is NOT the time to decide you want to move walls around. If you decide you are going to move walls, that needs to be decided BEFORE you have finished your plumbing, mechanical, HVAC, etc.

Mistake #4: Missing the ARV

Figuring out what the correct After Repair Value (ARV) of your property is KEY. You need to figure out what sets your property apart from the other houses in the neighborhood – whether it’s got neighbors in the backyard or it’s wooded, the size of the lot, the finishes and fixtures, etc.

Mistake #5: Financing Costs

Sometimes I see when students put together their budget, they don’t factor in interest costs, paying points or paying for appraisals. They look at it like, “I’m going to buy $100,000, put $20,000 and sell it for $180,000, so that’s $60,000 in profit.”

Well, NOT REALLY.

You have to factor in your closing costs and financing costs, it eats into that $60,000.

Mistake #6: Holding Costs

This is another big mistake that newer investors make that can eat into your profits. This includes insurance, utilities, property taxes, etc.

Mistake #7: Contractors Missing Days on the Job

This is a very important thing to keep in mind – most of the time, your contractor is NOT working JUST for you, so you will constantly be fighting a battle to get them to dedicate the time to your project. Setting expectations with your contractor is very important so you don’t get behind on your schedule.

Mistake #8: Markup on Materials

It’s incredibly important to find a contractor who will estimate the cost of materials and have a clear understanding of your budget and how much you want to spend to avoid markups. Just starting out as a new investor, it might take a few

Mistake #9: Not Selling Your Property Quick Enough

You put a good property on the market, so it should sell itself and it SHOULD sell quickly. But sometimes, properties just don’t sell as fast as you expect them to. Days on market can kill a property. Make sure that when you go to sell, you are hiring an experienced, elite realtor who has been around for a while and has a great marketing plan of action.

Mistake #10: Your Buyer Flakes Out

What happens when you did an incredible job on your rehab, you list your property and it sells quickly, but then, your buyer flakes out?

People think when they get their property under contract, they are good to go and start dreaming about their profit money. DON’T make this mistake!

Real Estate Investing Mistakes Happen

Trust me, I know better than anyone that mistakes will happen regardless, especially if you are a newer investor just starting out. The biggest thing is to TRY and not to make the mistakes that cost you money. Every extra day that your rehab goes longer than planned, that’s costing you money.