Florida Hard Money Deal - Close

800

None

Florida

I am looking to secure financing for the acquisition and rehab of a 5-unit residential building in Pompano Beach, FL 33060. We're a two-member entity with credit scores of 700 and 800. The details of the deal are as follows:
Contract Price: $240,000 (Asking Price: $350,000)
Closing Date: 5/29/2020
Estimated Rehab: $175,000 (complete restoration with permitting but no expansion and no structural work)
ARV: $565,000
Number of Units: 5 (four 2/1 units and one 1/1 unit)
Current Status: Vacant
Income: $5,200 per month once rented (conservative estimate)
Tax & Insurance Estimate: Taxes - $4,000; Insurance: $2,000
Experience: Masters degree in Real Estate Development (Nova Southeastern University), 5 years experience with private equity and brokerage companies rehabbing over 1000 units, first time holding title on rehab project.
Scope of Work: Full rehab of each unit; installing new impact doors/windows, electrical, plumbing, A/C, flooring, walls, baseboards, ceilings, fixtures, appliances, etc. The exterior will be painted, new shrubbery, new fencing, etc. We have a contractor in place (bid out to 4 contractors).
Exit Strategy: Looking to refinance and hold for long-term cash flow. May consider selling if market dictates such.