in out-of-pocket cash to obtain the same property. An investor with $200,000 to invest could purchase $1 million of real es- tate at the lessor of 80 percent LTV/ LTC prior to the COVID-19 crisis. At a 70 percent LTV/LTC today, that same investor can only purchase $666,000 of real estate today. That’s 33 percent less property than they could get with the same capital at the begin- ning of the year. What can a small investor do? Shop around. Your traditional lending partner might be skittish, but there might be alternatives in the market. If you are looking to make a small- er investment of perhaps fewer than four units, consider a credit union.

are holding their value despite the economic upheaval. These are definitely challenging times, but SFR homes still provide a solid long-term investment, in my opinion. Investors need to shop around for the best financing possi - ble, but with a little more legwork, it can be done. • Bruce McNeilage is the managing member and a co-founder of Kinloch Partners and a partner in Harpeth Development.. He is a passionate advocate for housing affordability and homeownership, and invests heavily in Nashville, Tennessee, as well as throughout the southeast. Learn more about his projects, including single-family built-to-rent communities and the Solo East and North condominiumprojects at

Anecdotally, one friend recently told me he was able to obtain a loan at 80 percent LTC at a rate of 3.875 per- cent. You can’t do much better than that today. And, even though banks have reigned in their appetite for risk, don’t be afraid to shop around to different banks as well. Community banks are still looking to strength- en local economies and might be more willing to take a risk on a local project. Where is the upside in today’s cur- rent environment? Interest rates are still low. While you might have to put more money down, loans are still af- fordable. Also, early returns on real estate sales look as though homes

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