Updated about 8 years ago on . Most recent reply
Creative commercial lending on 42 unit
I am looking at a 42 complex I I am interested in.The numbers are good. The building is stabilized and in good condition. There is room for 6-8% rent increases as well as a potential airbnb play ( which is not part of my underwriting but would be a huge bonus if it took off).The traditional lenders need 25% down. I have most of it in equity in other properties and some cash. I am looking for recommendations on lenders and/or cost effective strategies to harness the equity. I plan to sell two buildings and refi one other to raise the capital. The problem is I may not be able to sell them in time to get this deal done. Are there bridge loan options, lower DP % products or some other way. I am also presenting the private lending opportunity to friends and family. I am still looking for my rich uncle:) I have approached a hard money lender that could do it but they want hard money prices which I understand. I was hoping someone here would have some better options or recommendations. Thanks