Trying to purchasing a 4-plex
I need some help. I am trying to purchase a 4-plex. The purchase prices is 565,000. The builder is requiring a 60,000 downpayment (construction loan) because he does not have the cash to complete the construction. I don't have the 60,000 downpayment but wanted to see if there are any creative financing option? I own a investment property (that is rented out) free and clear that is worth about 130,000. The builder referred me to his lender who said they may be able to do a construction loan for 15% and possibly I can get some of my capital back depending on how the loan is structured?
I want to purchase this property with the least amount of capital. I also plan to live in one of the units. The units are expected to lease for 1450 a month.
Any suggestions?