This is Angela and I am posting a deal I am currently working, however I need Capital. From listening to your call Clayton Bank and Trust maybe a great source, however I would like your expertise in structuring the loan.
Please see posted scenario and respond, thank you.
Here is the scenario:
Location: Houston, TX
Total Number of Units: 56
Not a Park but community of Homes (Bricks & Sticks), Re-Manufactured Homes, and Mobiles Homes on lots of 40x105, 60x105, 35x105 and 54x105, (some cul-de-sac lots as longs as 120)
All homes are set up as individual single family homes
According to the HCAD the homes range in age of 1999-2003 (have requested copies of title and/or serial numbers to verify accuracy)
Have walked all vacant units and a couple of occupied units
Have received rent rolls and delinquency reports
Have platted map of neighborhood
Have all HCAD records with exception of 5 not on HCAD
Have State and Government Reps that represent the areas
Talked to residents and have scouted the neighborhood both on weekends and night (very good prospect)
I need help with obtaining financing and operation capital, can you help me or direct me to Clayton Bank as well as an investor that will help me with either 100% financing and/or down payment.
I am looking to close on this deal very soon as I have spent the last week walking the units and talking to current resident.
52 of the 56 units are occupied w/ about 85% on City Housing Vouchers and the remaining on street rents.
Rents range from $750-900, below the market rates (can raise rents an avg of $25-50 to get closer to FMV)
There is an additional set of 115 homes that could be available later from a Second Owner in the same neighborhood that I have approached, but these may not be as negotiable.