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ASK MIKE MONDAYS - What should I be aware of when applying for BANK financing?

ASK MIKE MONDAYS - What should I be aware of when applying for BANK financing?

Not all Lenders are the same; some Banks are not real estate lenders.  Not all Lenders like Apartment loans Not all Lenders like older properties that need to be rehabbed and repositioned  Not all Lenders like non-recourse loans; most will not even offer non-recourse loans Not all Lenders will like the part of town that you want to invest in. Not all Lenders will give you maximum leverage to acquire and rehab with your loan Not all Lenders will amortize apartment loans greater than 15 years Your large bank loan officer is not the decision maker; help him/her build a case for their credit committee to approve the loan. Loan officers are sales people and problem solvers, but they don’t have signing (approval) authority.

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ASK MIKE MONDAYS - What should I be aware of when applying for BANK financing?
ASK MIKE MONDAYS - What should I be aware of when applying for BANK financing?
ASK MIKE MONDAYS - What should I be aware of when applying for BANK financing?
ASK MIKE MONDAYS - What should I be aware of when applying for BANK financing?
oldcapitalpodcast oldcapitalpodcast | 6 years ago
Not all Lenders are the same; some Banks are not real estate lenders.  Not all Lenders like Apartment loans Not all Lenders like older properties that need to be rehabbed and repositioned  Not all Lenders like non-recourse loans; most will not even offer non-recourse loans Not all Lenders will like the part of town that you want to invest in. Not all Lenders will give you maximum leverage to acquire and rehab with your loan Not all Lenders will amortize apartment loans greater than 15 years Y...
Not all Lenders are the same; some Banks are not real estate lenders.  Not all Lenders like Apartment loans Not all Lenders like older properties that need to be rehabbed and repositioned  Not all Lenders like non-recourse loans; most will not even offer non-recourse loans Not all Lenders will like the part of town that you want to invest in. Not all Lenders will give you maximum leverage to acquire and rehab with your loan Not all Lenders will amortize apartment loans greater than 15 years Y...
ASK MIKE MONDAYS - Michael, what reports should I be receiving from my apartment management company?
ASK MIKE MONDAYS - Michael, what reports should I be receiving from my apartment management company?
ASK MIKE MONDAYS - Michael, what reports should I be receiving from my apartment management company?
ASK MIKE MONDAYS - Michael, what reports should I be receiving from my apartment management company?
oldcapitalpodcast oldcapitalpodcast | 5 years ago
Michael discusses the different reports that a management company should be providing to the managing member every month. Obviously, it is better to overly communicate with investors and partnerships with detailed monthly operating statements.
Michael discusses the different reports that a management company should be providing to the managing member every month. Obviously, it is better to overly communicate with investors and partnerships with detailed monthly operating statements.
ASK MIKE MONDAYS - Mike….I am a fairly new real estate operator….what should I do first?
ASK MIKE MONDAYS - Mike….I am a fairly new real estate operator….what should I do first?
ASK MIKE MONDAYS - Mike….I am a fairly new real estate operator….what should I do first?
ASK MIKE MONDAYS - Mike….I am a fairly new real estate operator….what should I do first?
oldcapitalpodcast oldcapitalpodcast | 3 years ago
Well….you need to find deals and find money! Building relationships with brokers, equity investors, contract attorneys, lenders, physical engineers, & SEC attorney should be your first course of action. Some folks may use LOOPNET to find their first deal and that is OK, but most SERIOUS BUYERS contact listing agents in the market. Don’t be a jerk…this is a small business and word will get around. Sound advice in any business. Michael Becker has purchased over 10,000 apartment units between...
Well….you need to find deals and find money! Building relationships with brokers, equity investors, contract attorneys, lenders, physical engineers, & SEC attorney should be your first course of action. Some folks may use LOOPNET to find their first deal and that is OK, but most SERIOUS BUYERS contact listing agents in the market. Don’t be a jerk…this is a small business and word will get around. Sound advice in any business. Michael Becker has purchased over 10,000 apartment units between...
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ASK MIKE MONDAYS - Should we ask the seller for bank statements when buying an apartment building? I...
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oldcapitalpodcast oldcapitalpodcast | 6 years ago
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IF you are a passive investor you want to review a realistic PROFORMA before you invest. Michael discusses line items on the operating statement such as rental rate growth, loss to lease, property tax step-up costs, and future labor costs. Are the assumptions from the SPONSOR too aggressive?
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oldcapitalpodcast oldcapitalpodcast | 2 years ago
Nobody wants to sound like a rookie when they first enter the apartment business. Especially when having an initial conversation with an important listing broker. Michael, gives you some preliminary questions to ask. Also, when should you bring in your property management company or the lender to review the deal? Finding the right balance on WHEN you should bring in your advisors is critical to your success. In addition, Michael offers you a few examples of when he stumbled in operating apartmen...
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oldcapitalpodcast oldcapitalpodcast | 5 years ago
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ASK MIKE MONDAYS - Interest Only Needed? What you should expect
ASK MIKE MONDAYS - Interest Only Needed? What you should expect
ASK MIKE MONDAYS - Interest Only Needed? What you should expect
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oldcapitalpodcast oldcapitalpodcast | 6 years ago
Interest only can certainly help the cash-on-cash returns on your investment. If you are purchasing a broken property- deferred maintenance, bad management, bad occupancy; you need some type of payment relief during times of weak cash flow. Having an interest only period during the renovation is certainly typical for a BRIDGE type of loan. Banks typically don’t like to do lots of interest only…because the bank regulators don't like interest only. Most community banks on bridge loans will onl...
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ASK MIKE MONDAYS - What do lenders look for when approving an apartment loan?
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oldcapitalpodcast oldcapitalpodcast | 7 years ago
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70% of the lending decision is based on the building operations (historical and future) and 30% is based on the sponsor (liquidity, net worth, past ownership experience of apartments) Listen to Michael explain what’s important in apartment financing.