Hey everyone, Layla Simmons here from Simmons Mortgage. I've got a deal I'm trying to place and would appreciate any lender suggestions or insights, especially from those who've done similar deals recently.
It's a $950,000 acquisition loan for a mixed-use property in a solid B+ area of Denver. The property has two retail units on the ground floor and one residential unit above. My client is looking for a 70% LTV, so a loan amount of $665,000. They're experienced investors with a good track record on other commercial properties, but this is their first mixed-use with a residential component.
The current financials show a 1.1 DSCR, which is a bit tight for some of my usual bridge lenders. The retail tenants are on 3-year leases with 18 months remaining, and the residential unit is month-to-month. The client wants a 2-year bridge with an extension option, planning to stabilize the residential unit with a longer-term lease and then refi into perm debt.
I've hit a wall with a couple of my go-to guys who are either uncomfortable with the residential component in mixed-use or want a higher DSCR for this asset class. Any lenders out there who are strong on mixed-use, especially with slightly tighter DSCRs for experienced sponsors? Or any creative ideas on how to structure this to make it more appealing? Thanks in advance for the help!
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about 19 hours ago
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