There’s a current apartment complex I’m interest in purchase as a first time deal. I’m seeking advice on how to effectively create an offerand structure the deal. Which would be the better option money centers, regional banks, small banks, or private lenders?
Are you asking how to get the financing and the equity the deal? Or how to split profits between investors?
@Alexcia McMillon I’ll leave the structuring bit alone. I’m not quite sure if you want a partnership, owner financing, etc.
As for financing sources, you really need to pick up the phone and call. Or, better yet, ask your realtor for people they’d recommend. I know what my commercial terms are but I’ve had people here (on BP) tell me they can only get a 15 year amortization and others say that they get a 30 year amortization. The net result is that it doesn’t matter what my terms are, it only matters what the terms would be for you. The only way to figure that out is the have conversations with lenders.
And, to give a direct answer, my n=1 says that regional banks are great! Plenty of others prefer credit unions 🤷🏻♂️
Thank you Andrew.
I was referring to financing the building, and more specifically how would I find out what the building is actually worth vs the listing price display.
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