120 unit apartment complex lender without sponsor!
I have 120 unit apartment complex under contract for 3.7 million and working on obtaining financing. The owners agreed to owner finance me back 22%. I may be able to get more.
I have two options now. I am trying to decide what the better option is!
1. I have a mortgage broker with an investor that will do 25 year ammortized at 5.5% with variable term after 3 years. I can refinance after 3 years. Balloon payment due at 10. I either have to have appx 300k put in escrow at closing (which i personally do not have) or a sponsor.
2. I have a mortgage broker who has an investor that will do 30 year amortized at 5% with a balloon payment due at 10 years but requires me to have a sponsor since I have never done a 3.7 mil deal or do not have 3.7 net worth.