24-Unit Purchase / Construction Deal Help

[Bryan Schmidt]

I need help on the lending side for this potential deal...

I am negotiating a purchase agreement with a seller carryback of 20-30% as a second-lien position.  Approximate purchase price of $650-$850k with a construction budget of $1.0-$1.5m depending on total unit count.  Total cost including acquisition price of $2.35m.

I believe we will be able to create a total of 20-30 units in this building.  It is a 24,000sf structure with the ability to add an additional 6,000sf of interior space through a currently unused portion of the building.  Total square footage could work out to about 30,000 when all is said and done.

If I am able to negotiate a contract with the seller to carryback the 20-30%, what kind of financing options would we have.  I would like to have zero dollars out of pocket except for soft costs.  Is this possible?  If so, with who?

Thanks for your help in advance!