Financing for a 10 unit post rehab ARV 750K?
Hoping someone can point me in the right direction.
I have a spanking deal on a gut rehab job where with ~300K in I can buy and reno a 10 unit apartment unit in a B/C class neighborhood. The ARV would be 780K at a 8% cap rate and I'd have a government contract to rent the units out to vetrans. I've been told I can get rehab budget (basically hard money terms) but I'll struggle to get commercial financing given the number of units and valuation. I'd hope to actually only do a 50% LTV to keep this cashflowing solidly but get my money back out. Long term buy and hold strategy for at least the next 5-10 years.
Any thoughts on how to take this on or watchouts besides? Thank you!