Creative financing for wedding event venue - Georgetown TX
Hi BP-
Seeking advice from those who have successfully completed creative financing, or current lenders for a wedding event venue. This property is under contract for approx. 5 million, and in due diligence phase. 30% will come from buyer and private investors, and improvements will be made to expand and upgrade the existing facilities. Can anyone recommend a lender in the Austin area with experience with this class of property? Other creative financing strategies?
Thanks much!
Most Popular Reply
@Carolyn L. So basically the breakdown is this: $5MM purchase, $2.2MM rehab, and ARV...? You are looking to put $1.5MM down, with an owner carry back of $1MM. If the place appraised for north of $10MM you might be able to do it, assuming you have outstanding personal income to cover the monthly payment that would likely be at an interest rate that would make you cringe, until you had the business performing and could refinance.