Updated about 5 years ago on . Most recent reply
A deal outside of the box income property
I’ve got a deal that doesn’t fit in the typical box. I am looking to get it funded and I’m looking for suggestions. It is a rural type property with a gravel driveway that is 5 minutes away from my primary market of Tupelo MS. There are 56 apartments in the package that are occupied rented for 600 a month and charge 50 bucks for water sewer and garbage. The garbage cost is $560 monthly for the property. The purchase price is 3 million. I have enough collateral to put up $500,000. I want to get these deal done but the local banks in the aren’t used to folks scaring up to this size. I’ve got a few of them looking but I figured you all might have ideas for now to get this deal funded.