Storage Facility Purchase - 10% LTV Financing Requested
Hi Folks!
I have a few single family rentals (Oregon and Texas) and they're doing great, and I have a large amount of equity in each house. I live in Oregon and am purchasing a storage facility in Texas for $450k, the bank will finance 80%. I'm looking to use cash for 10% and maybe cash for the other 10% as well, or finance the other 10% with my HELOC at 3.99%, or a hard money lender. I'm considering looking for someone to finance that other 10%. If anyone can advise me on who I can reach out to, or if anyone is interested in financing the other 10% let me know. I have the cash, or the HELOC, but want to keep some capital for future purchases so I'm considering having a hard money lender cover 10%. This is a cash flowing business and I'll improve it by cutting expenses and increasing revenue, it's a 9% cap rate, my financial situation is solid and I can come in with the down but am thinking I would prefer a hard money lender. Thanks for any advice, referrals, or whatever you feel like writing in the comments.
-Travis