Financing apartment complexes

[Dean Gustafson]

Hello, I’m an investor out of Alaska. I currently own 2 single family homes in Michigan (phenomenal ROI) and a duplex in Alaska. Currently working on my second duplex in AK. (Real estate is awesome) :) I’m looking to purchase a cheaper apartment complex, to start with- I’m able to find banks that’ll lend at a 80% LTV, which is about average. My question- can I get private money lenders to finance the other 20%? The banks might have contingencies that prohibit that, which is why I ask. My idea was to go to Upgrade.com or Upstart.com to get the other 20%- which the interest rate would be VERY high (around 24.99%). I’d spend the first year paying off that loan quickly so I don’t incur all that interest. I don’t mind hustling and working to make my dream a reality I know this is a risky, and kind of odd game plan, but I’d be interested in hearing your thoughts. Thanks- and happy investing, my friends! :)