“Rehabbing a multifamily property can require an enormous amount of time and capital. By working with Nectar, I was able to secure $75,000 to finish renovations on the last four units of my latest investment. If you’re an experienced multifamily investor looking for fast and flexible capital, Nectar has the solution you need!”
- Jered D., Multifamily Investor
Deal Type: Owner-Operator
Portfolio Size: 52 STR and 8 LTR units
Use Case: Complete renovations on 4 apartments
Location: Jacksonville, Florida
Advance Amount: $75,000
Term Length: 5 years
Jered D. is the co-principal of a hospitality company based out of Jacksonville Beach, Florida. He also has his own real estate investment company which is focused on multi-family apartment buildings. Jered has experience with both rehab/value-add and buy and hold strategies, and he’s in the process of renovating an existing building with his in-house construction team.
When Jered originally purchased a new apartment building in 2020, he planned to renovate and increase rents from $1300 to $1800 a month. In actuality, he found that they were able to increase rents without renovating.
As of the deal closing date, Jered had 8 leased units with 4 remaining to be renovated. Rents have continued to climb during the renovations, and Jered is exploring opportunities to transition the units into STRs if the vacation rental market continues to grow and the multifamily market slows.
Jered was interested in lower monthly payments over a longer period of time, so we set up the deal with a five-year term. We found that though the Jacksonville multifamily market has started to cool down, it’s still maintained a 95% occupancy and shows signs of continued rent growth.
If you’re interested in learning more about how Nectar’s cash flow financing can help you scale your business, fill out this form today to find out how much you qualify for.