Looking for any advice on lenders to reach out to. Acquisition financing for vanilla value-add multifamily, purchase price ranging from $4-$10 million. SoCal geography.
Traditional bank lenders who are active in the space (think Chase, Wells, etc) are all LTV constrained and on a typically value deal being purchased in SoCal will have an in-place cap rate sub 4%. So 40-50% leverage with no earn out for rehab dollars.
The classic hard money-turned "private debt" funds are all quoting 70-75% LTC but at 7-8% handles. Unless it's a quick turnaround that type of interest will eat up most/all of the profit.
I have heard through debt brokers that 65% LTC small balance bridge bank lenders are active, rates are much closer to traditional bank loans than private debt lenders. Just curious who some of the players/banks are that are actively making these types of loans.
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