Financing rehab - 50 unit apartment complex
I'm considering purchasing a government owned apartment complex that is totally vacant with 50 units. I can buy the property for next to nothing as long as I agree to rehab it, which I'm estimating will cost between 1.5 and 2 million. I've done quite a few residential fix and flips but never an apartment complex, and I've always used cash.
What are the chances that I'll be able to get funding from a HML or other source for a substantial rehab project like this? I've submitted inquiries with several and I'm waiting to hear back but I've never worked with a lender before.
My intention is to hold onto this one, not flip it.