Closing Price: $1,005,000
The Montavilla 5 Plex is a courtyard style multi-family in the thriving Montavilla neighborhood. The property consisted of 5 huge two bedroom, one bath units at 1000 square feet and equal sized basements.
Opportunities and Challenges:
The two main challenges with this property were that historical financials for this property only supported a 40% loan to value, and the owner, having owned the property for over 25 years, was slower turning over units, and let the stay vacant for sometimes 3-6 months. The difficulty was finding a buyer and lender willing to loan on the property with a higher LTV.
Michelle was able to negotiate and work with the lender, showing the history of the property and why the financials and income were so low. In doing so, she was able to prove to the lender that once fully leased, the property could support a 30% down loan. She also found a buyer who agreed and was excited to purchase this upside potential property.
Do you have a complex buying or selling situation? Michelle would love to assist you. Click here to contact her now!