Looking for an Investor or Creative Financing

[Joel Douglass]

I am looking for creative financing or an investor for a property that I've already negotiated pricing/terms, etc. on.  Last year, I entered into an agreement to purchase a 25-unit/25-acre mobile home park in Gray Court, SC.  I did creative financing (owner financing), and invested a chunk of money into the deal and have a 15% stake in the property.  The plan was that my down payment, along with the increase in rents and appreciation, would allow me to refinance out of the deal with little to know (more) money out of my pocket. Well, rates did nothing but go up, so the bank is requiring more out of pocket dollars in order to make the deal work.  I still believe in the deal, but I don't have the additional capital to finalize the deal.  I'm open to suggestions, investors, lenders to get this over the finish line.  Purchase price is $1.6M.

I am in Greenville, SC, about 30 minutes from the property. We have a great, long-term property manager in place and we have steadily increased rents on the units (even on non-turned units) with more room to increase them as they turn over.  

[Steve Vaughan]

How is title held now? Does your LLC own it or is it more of a land contract/ contract for deed?

I believe @Mike Dymski is in your area.  He may have an opinion.