Just got an accepted offer on 17 suiter!

[MarkTorgerson]

Hello

I just received an accepted offer on a 17 suite apartment. The deal is as follows:
Price - 1.25M
Cash - $125,000
VTB - $250,000 - 10% interest only for 3 years. Just one balloon payment at end of term.
New financing (bank) - $875,000

Does anyone know of a really good commercial broker that would have a flavor for this kind of deal?
This building will cash flow very well as the VTB has no monthly payments for 3 years. Then maybe refinance or sell...???

Thanks
Mark

 

[DonCampbell]

There are a few quality ones. I have had great experiences with:

George Hilton (Montrose Mortgage in Edmonton)
Dennis Aiken (People`s Trust in Calgary)
Abby McQuire (First National in Toronto)
All of their contact info is on the Resource Directory on this site in the Member`s Zone.

P.S. Next time PLEASE ensure that you are speaking with the brokers BEFORE you put in your offer as they will be able to tell you based on the revenue and expenses what the maximum mortgage level you can attain.

Also, highly consider using CMHC backed financing on this property (lower interest rates, higher LTV, more likely approval) if you are going to hang on to it for at least 5 years.

 

[thejules]

I would also recomend my mortgage broker of manny years. Mark Goode (705) 326-8523. He has experience with these last minute deals. I have put him through a few and I closed on all of them! But really next time have your stuff in order prior too. But it sounds like you`ll get this one through...

 

[MarkTorgerson]

QUOTE (thejules @ Oct 2 2008, 09:47 AM) I would also recomend my mortgage broker of manny years. Mark Goode (705) 326-8523. He has experience with these last minute deals. I have put him through a few and I closed on all of them! But really next time have your stuff in order prior too. But it sounds like you`ll get this one through...


Thanks for the input everyone. To be honest I put the offer expecting not to get it.
There was already an accepted offer and this was backup. I will definitely go through the due diligence first next time. I did know what the monthly revenue was which helped with calculating a cap rate and submitting the offer.

THX