Sponsor is buying a 96-unit active adult property, ten years old, currently 93 percent occupied, in a second-ring suburb. Agency-style senior debt is in first position at roughly…
I've gone through the books of four operators this year while deciding where to put money, and the split was two and two. Two of them ran everything in a single accounting file wi…
I've been reading gap deals for a few months without funding one, and the two lenders I've talked to sort the world in opposite ways. The first one underwrites the collateral almo…
Been going back and forth on this for a couple of weeks and I can't get to a clean answer, so I'll put it up. Small metro, maybe 180,000 people, and an investor client wants motiv…
I've been looking at storage as a way to make a piece of ground pay without me showing up every day, and I've got two very different listings in front of me. Both are around 100 t…
I'm putting together a paid feasibility screen for operators looking at obsolete office and retail stock, and I can't get two clients to agree on what the first deliverable should…
I priced this out both ways this week and the gap is smaller than I expected. The platform route: a national data subscription with skip tracing bundled, call it $100 to $300 a mo…
Borrower needs $180k on a house he's under contract for at $205k, and he wants to close in eleven days. A full appraisal in this market is running him a couple of weeks and severa…
I've been reading two offering decks side by side and the demand pages read like different asset classes. The first is an 80 key select service property where roughly half the roo…
I own small multifamily and every unit has taught me something, mostly by breaking. I've been reading this room for a while and the land-lease idea makes obvious sense to me. What…
I got one furnished lease from a chance conversation and I'm not going to get the next one that way. So I've been trying to work out where the hours go if you're deliberate about…
Five years of service work means I'm in and out of small commercial buildings constantly and I hear things. Owner of a two building office and warehouse property told me last week…
Both are public non-traded, both registered and audited, both quoting a distribution rate inside a quarter point of each other. One runs the portfolio at 34% loan to value, mostly…
My preparer offered to take over the bookkeeping. $450 a month for the books, and he'd drop the return fee from $2,400 to $1,900 because he says he won't be spending January fixin…
I've been calling around asking agents what marketing work they outsource, because I'm trying to figure out whether there's a service here I could learn. Four of the six I talked…
A lender who works the next county over offered me a piece of a note at 11 percent on a 1950s three bedroom in a town of about 4,000. First lien, roughly 60 percent of a value I c…
A borrower I have known for a while asked me to look at a 40 acre parcel on the edge of a growing exurb, split zoned, no utilities to the line, and he wants a 12 month loan to car…
Been building the cost sheet for a first rental and the line that keeps breaking it is a $7,000 sourcing fee. My actual closing costs on a $150k house pencil around $4,200 in my m…
Reading through material on lien funds and the phrase that keeps appearing is government-backed. I've read it maybe a dozen times this week and I still can't tell what it covers.…
I own nine doors, five of them on vouchers, and all five sit inside a single authority's jurisdiction. That was accidental at first and then it started to look like a feature. One…