Structuring a Small Multifamily Deal With Seller Carry + Bridge Where Do People Find

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Structuring a Small Multifamily Deal With Seller Carry + Bridge Where Do People Find

Eduardo Cambil
Investor · USA · Member since 2024 · 144 posts · 48 votes

Hi everyone,

I wanted to share a real situation I’m currently navigating and see how experienced investors typically solve this piece of the capital stack.

I’m working on acquiring a workforce housing property in Pecos, Texas that is already stabilized and producing solid cash flow. The property serves the energy workforce market in the area.

Property overview

• 18 furnished units + manager residence
• Built in 2017
• Located in Pecos, TX
• Workforce housing model (weekly/monthly rentals)
• Stabilized operations

Financials

• Purchase price: $800,000
• Recent third-party appraisal: $1,200,000
• Trailing normalized NOI: ~$100,000
• Annual revenue: ~$268,000

So from a leverage standpoint, the deal is actually fairly conservative if viewed against value.

Loan request

We’ve been seeking:

• Senior bridge loan: ~$520,000
• 65% LTV of purchase price
• Interest-only
• 12–24 month term
• Exit: refinance into long-term DSCR loan once stabilized further

Seller structure

Seller is flexible and willing to carry the remainder.

Proposed structure:

• Senior loan: $520K
• Seller carry: $280K fully subordinated

Seller note terms could be:

• principal-only monthly payment ($1,200–$1,500)
• balloon at refinance

So the deal itself works operationally.

Where things get difficult

What I’ve encountered talking to lenders:

1️⃣ Most bridge lenders want borrower cash in the deal
Even with seller carry, they want "skin in the game."

2️⃣ Many lenders underwrite strictly off purchase price, not appraised value.

3️⃣ Origination fees are extremely high
Typical quotes I've received:

• 12–14% interest
• 5–6 points origination
• 12-month term

4️⃣ Some lenders require reserves ($100K+), which defeats the purpose of the structure.

5️⃣ DSCR lenders generally say:

“Come back after seasoning or after you own the asset.”

The real gap

The deal works if the capital stack is:

Senior loan: $520K
Seller carry: $280K

But lenders are effectively asking for an additional $50K–$100K borrower cash injection, which is the piece I’m trying to solve.

So my question to experienced investors:

Where do people typically source that “gap” capital in deals like this?

Possibilities I’ve considered:

• gap lenders
• mezzanine debt
• preferred equity investors
• transactional funding
• bringing in a small LP
• collateralizing another property

But in the small-balance commercial space ($500K–$1M loans), I’m finding very few structured options.

Have you seen structures like this actually close?

Specifically curious about:

• lenders comfortable with seller carry as the equity piece
• gap capital sources for small multifamily deals
• investors who specialize in bridge + seller carry structures

Would appreciate hearing how others have solved this.

Thanks in advance — always learning from the community here.

4Reply
402 views

Most Popular Reply

Don KonipolBusiness Member
Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
7mo
Quote from @Eduardo Cambil:

Hi everyone,

I wanted to share a real situation I’m currently navigating and see how experienced investors typically solve this piece of the capital stack.

I’m working on acquiring a workforce housing property in Pecos, Texas that is already stabilized and producing solid cash flow. The property serves the energy workforce market in the area.

Property overview

• 18 furnished units + manager residence
• Built in 2017
• Located in Pecos, TX
• Workforce housing model (weekly/monthly rentals)
• Stabilized operations

Financials

• Purchase price: $800,000
• Recent third-party appraisal: $1,200,000
• Trailing normalized NOI: ~$100,000
• Annual revenue: ~$268,000

So from a leverage standpoint, the deal is actually fairly conservative if viewed against value.

Loan request

We’ve been seeking:

• Senior bridge loan: ~$520,000
• 65% LTV of purchase price
• Interest-only
• 12–24 month term
• Exit: refinance into long-term DSCR loan once stabilized further

Seller structure

Seller is flexible and willing to carry the remainder.

Proposed structure:

• Senior loan: $520K
• Seller carry: $280K fully subordinated

Seller note terms could be:

• principal-only monthly payment ($1,200–$1,500)
• balloon at refinance

So the deal itself works operationally.

Where things get difficult

What I’ve encountered talking to lenders:

1️⃣ Most bridge lenders want borrower cash in the deal
Even with seller carry, they want "skin in the game."

2️⃣ Many lenders underwrite strictly off purchase price, not appraised value.

3️⃣ Origination fees are extremely high
Typical quotes I've received:

• 12–14% interest
• 5–6 points origination
• 12-month term

4️⃣ Some lenders require reserves ($100K+), which defeats the purpose of the structure.

5️⃣ DSCR lenders generally say:

“Come back after seasoning or after you own the asset.”

The real gap

The deal works if the capital stack is:

Senior loan: $520K
Seller carry: $280K

But lenders are effectively asking for an additional $50K–$100K borrower cash injection, which is the piece I’m trying to solve.

So my question to experienced investors:

Where do people typically source that “gap” capital in deals like this?

Possibilities I’ve considered:

• gap lenders
• mezzanine debt
• preferred equity investors
• transactional funding
• bringing in a small LP
• collateralizing another property

But in the small-balance commercial space ($500K–$1M loans), I’m finding very few structured options.

Have you seen structures like this actually close?

Specifically curious about:

• lenders comfortable with seller carry as the equity piece
• gap capital sources for small multifamily deals
• investors who specialize in bridge + seller carry structures

Would appreciate hearing how others have solved this.

Thanks in advance — always learning from the community here.

Trying to get into a deal with no money of your own is always a significant challenge.  It starts with evaluation of the property, and what YOU bring to the table. 

The most significant feature of the property is that when the industry hits the recession side, your property value drops 50 -75%, and you have no users, so very negative cash flow.  This isn’t like a 12.5cap on a class B apartment building in a major metro area.  This is high risk well beyond current financials.  

Now on to what you bring to the table.  Well, you bring the deal.  But is $800,000 a unicorn?  A price nobody else can achieve for a similar property?  Or is it the REAL MARKET PRICE of this type of asset where the appraiser has mistakenly evaluated the cap rate?  I don’t know, but my experience has been that even MAI designated appraisers can miss the mark by a significant amount. 

Secondly, what’s your experience in real estate investing?  Do you have a verifiable track record of success?  Do you have education in real estate, finance, or business in general.  Should an outside investor trust you with their money?  Have you ever managed a similar property?  Will you live in Pecos?

Passive investors invest to earn 15-25% annually in syndications.  Can your deal provide that kind of return to a “money man”?  

All the points you’ve discovered about lenders are true, and that’s for the ones with the MOST liberal loan policies.  Most wouldn’t consider this deal without the borrower having 30% down payment, in cold cash. 

Back almost 50 years ago, when I started, we used to solve this issue by using a “second mortgage crank”, exchange of “services”, recreational lots as down payments, substitution of collateral, and subordination agreements.  Now doing this without lenders knowledge is mortgage fraud, even if you could find a title co to do it, which since the consolidation of title insurers into 15 companies you can’t. 

Here’s something I did about 20 years ago on a deal I was trying to syndicate that was outside my area of expertise; I hired a CRE consultant to do a feasibility study and that gave the investors confidence to invest in my project 
Private Mortgage Financing Partners, LLC
WebsiteView Page
9Reply
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  • Don KonipolBusiness Member
    Investor · The Woodlands TX / Avon, CT · Member since 2009 · 6k+ posts · 10k+ votes
    7mo
    Quote from @Eduardo Cambil:

    Hi everyone,

    I wanted to share a real situation I’m currently navigating and see how experienced investors typically solve this piece of the capital stack.

    I’m working on acquiring a workforce housing property in Pecos, Texas that is already stabilized and producing solid cash flow. The property serves the energy workforce market in the area.

    Property overview

    • 18 furnished units + manager residence
    • Built in 2017
    • Located in Pecos, TX
    • Workforce housing model (weekly/monthly rentals)
    • Stabilized operations

    Financials

    • Purchase price: $800,000
    • Recent third-party appraisal: $1,200,000
    • Trailing normalized NOI: ~$100,000
    • Annual revenue: ~$268,000

    So from a leverage standpoint, the deal is actually fairly conservative if viewed against value.

    Loan request

    We’ve been seeking:

    • Senior bridge loan: ~$520,000
    • 65% LTV of purchase price
    • Interest-only
    • 12–24 month term
    • Exit: refinance into long-term DSCR loan once stabilized further

    Seller structure

    Seller is flexible and willing to carry the remainder.

    Proposed structure:

    • Senior loan: $520K
    • Seller carry: $280K fully subordinated

    Seller note terms could be:

    • principal-only monthly payment ($1,200–$1,500)
    • balloon at refinance

    So the deal itself works operationally.

    Where things get difficult

    What I’ve encountered talking to lenders:

    1️⃣ Most bridge lenders want borrower cash in the deal
    Even with seller carry, they want "skin in the game."

    2️⃣ Many lenders underwrite strictly off purchase price, not appraised value.

    3️⃣ Origination fees are extremely high
    Typical quotes I've received:

    • 12–14% interest
    • 5–6 points origination
    • 12-month term

    4️⃣ Some lenders require reserves ($100K+), which defeats the purpose of the structure.

    5️⃣ DSCR lenders generally say:

    “Come back after seasoning or after you own the asset.”

    The real gap

    The deal works if the capital stack is:

    Senior loan: $520K
    Seller carry: $280K

    But lenders are effectively asking for an additional $50K–$100K borrower cash injection, which is the piece I’m trying to solve.

    So my question to experienced investors:

    Where do people typically source that “gap” capital in deals like this?

    Possibilities I’ve considered:

    • gap lenders
    • mezzanine debt
    • preferred equity investors
    • transactional funding
    • bringing in a small LP
    • collateralizing another property

    But in the small-balance commercial space ($500K–$1M loans), I’m finding very few structured options.

    Have you seen structures like this actually close?

    Specifically curious about:

    • lenders comfortable with seller carry as the equity piece
    • gap capital sources for small multifamily deals
    • investors who specialize in bridge + seller carry structures

    Would appreciate hearing how others have solved this.

    Thanks in advance — always learning from the community here.

    Trying to get into a deal with no money of your own is always a significant challenge.  It starts with evaluation of the property, and what YOU bring to the table. 

    The most significant feature of the property is that when the industry hits the recession side, your property value drops 50 -75%, and you have no users, so very negative cash flow.  This isn’t like a 12.5cap on a class B apartment building in a major metro area.  This is high risk well beyond current financials.  

    Now on to what you bring to the table.  Well, you bring the deal.  But is $800,000 a unicorn?  A price nobody else can achieve for a similar property?  Or is it the REAL MARKET PRICE of this type of asset where the appraiser has mistakenly evaluated the cap rate?  I don’t know, but my experience has been that even MAI designated appraisers can miss the mark by a significant amount. 

    Secondly, what’s your experience in real estate investing?  Do you have a verifiable track record of success?  Do you have education in real estate, finance, or business in general.  Should an outside investor trust you with their money?  Have you ever managed a similar property?  Will you live in Pecos?

    Passive investors invest to earn 15-25% annually in syndications.  Can your deal provide that kind of return to a “money man”?  

    All the points you’ve discovered about lenders are true, and that’s for the ones with the MOST liberal loan policies.  Most wouldn’t consider this deal without the borrower having 30% down payment, in cold cash. 

    Back almost 50 years ago, when I started, we used to solve this issue by using a “second mortgage crank”, exchange of “services”, recreational lots as down payments, substitution of collateral, and subordination agreements.  Now doing this without lenders knowledge is mortgage fraud, even if you could find a title co to do it, which since the consolidation of title insurers into 15 companies you can’t. 

    Here’s something I did about 20 years ago on a deal I was trying to syndicate that was outside my area of expertise; I hired a CRE consultant to do a feasibility study and that gave the investors confidence to invest in my project 
    Private Mortgage Financing Partners, LLC
    WebsiteView Page
    9Reply
    • Eduardo Cambil
      OP
      Investor · USA · Member since 2024 · 144 posts · 48 votes
      7mo
      Quote from @Don Konipol:
      Quote from @Eduardo Cambil:

      Hi everyone,

      I wanted to share a real situation I’m currently navigating and see how experienced investors typically solve this piece of the capital stack.

      I’m working on acquiring a workforce housing property in Pecos, Texas that is already stabilized and producing solid cash flow. The property serves the energy workforce market in the area.

      Property overview

      • 18 furnished units + manager residence
      • Built in 2017
      • Located in Pecos, TX
      • Workforce housing model (weekly/monthly rentals)
      • Stabilized operations

      Financials

      • Purchase price: $800,000
      • Recent third-party appraisal: $1,200,000
      • Trailing normalized NOI: ~$100,000
      • Annual revenue: ~$268,000

      So from a leverage standpoint, the deal is actually fairly conservative if viewed against value.

      Loan request

      We’ve been seeking:

      • Senior bridge loan: ~$520,000
      • 65% LTV of purchase price
      • Interest-only
      • 12–24 month term
      • Exit: refinance into long-term DSCR loan once stabilized further

      Seller structure

      Seller is flexible and willing to carry the remainder.

      Proposed structure:

      • Senior loan: $520K
      • Seller carry: $280K fully subordinated

      Seller note terms could be:

      • principal-only monthly payment ($1,200–$1,500)
      • balloon at refinance

      So the deal itself works operationally.

      Where things get difficult

      What I’ve encountered talking to lenders:

      1️⃣ Most bridge lenders want borrower cash in the deal
      Even with seller carry, they want "skin in the game."

      2️⃣ Many lenders underwrite strictly off purchase price, not appraised value.

      3️⃣ Origination fees are extremely high
      Typical quotes I've received:

      • 12–14% interest
      • 5–6 points origination
      • 12-month term

      4️⃣ Some lenders require reserves ($100K+), which defeats the purpose of the structure.

      5️⃣ DSCR lenders generally say:

      “Come back after seasoning or after you own the asset.”

      The real gap

      The deal works if the capital stack is:

      Senior loan: $520K
      Seller carry: $280K

      But lenders are effectively asking for an additional $50K–$100K borrower cash injection, which is the piece I’m trying to solve.

      So my question to experienced investors:

      Where do people typically source that “gap” capital in deals like this?

      Possibilities I’ve considered:

      • gap lenders
      • mezzanine debt
      • preferred equity investors
      • transactional funding
      • bringing in a small LP
      • collateralizing another property

      But in the small-balance commercial space ($500K–$1M loans), I’m finding very few structured options.

      Have you seen structures like this actually close?

      Specifically curious about:

      • lenders comfortable with seller carry as the equity piece
      • gap capital sources for small multifamily deals
      • investors who specialize in bridge + seller carry structures

      Would appreciate hearing how others have solved this.

      Thanks in advance — always learning from the community here.

      Trying to get into a deal with no money of your own is always a significant challenge.  It starts with evaluation of the property, and what YOU bring to the table. 

      The most significant feature of the property is that when the industry hits the recession side, your property value drops 50 -75%, and you have no users, so very negative cash flow.  This isn’t like a 12.5cap on a class B apartment building in a major metro area.  This is high risk well beyond current financials.  

      Now on to what you bring to the table.  Well, you bring the deal.  But is $800,000 a unicorn?  A price nobody else can achieve for a similar property?  Or is it the REAL MARKET PRICE of this type of asset where the appraiser has mistakenly evaluated the cap rate?  I don’t know, but my experience has been that even MAI designated appraisers can miss the mark by a significant amount. 

      Secondly, what’s your experience in real estate investing?  Do you have a verifiable track record of success?  Do you have education in real estate, finance, or business in general.  Should an outside investor trust you with their money?  Have you ever managed a similar property?  Will you live in Pecos?

      Passive investors invest to earn 15-25% annually in syndications.  Can your deal provide that kind of return to a “money man”?  

      All the points you’ve discovered about lenders are true, and that’s for the ones with the MOST liberal loan policies.  Most wouldn’t consider this deal without the borrower having 30% down payment, in cold cash. 

      Back almost 50 years ago, when I started, we used to solve this issue by using a “second mortgage crank”, exchange of “services”, recreational lots as down payments, substitution of collateral, and subordination agreements.  Now doing this without lenders knowledge is mortgage fraud, even if you could find a title co to do it, which since the consolidation of title insurers into 15 companies you can’t. 

      Here’s something I did about 20 years ago on a deal I was trying to syndicate that was outside my area of expertise; I hired a CRE consultant to do a feasibility study and that gave the investors confidence to invest in my project 
      Hi Don,
      Thank you for taking the time to give such a thoughtful reply — I really appreciate the perspective, especially coming from someone with your level of experience.
      You raise very valid points about the cyclicality of markets like Pecos and the risks tied to energy-driven locations. That’s something we’ve been looking at carefully as well. One of the reasons we were interested in this particular asset is that it was built relatively recently (2017), is already stabilized, and is operating with workforce tenants tied to ongoing industrial activity in the area. Of course, those markets can move quickly, so we’re trying to keep leverage conservative and structure the deal in a way that gives us room to maneuver if conditions soften.
      Regarding what we bring to the table, that’s also a fair question. My partner and I have been investing in smaller properties and are working alongside an experienced operator who manages several hundred units and may join the deal as GP. The idea is not to stretch into something we can’t handle operationally, but to make sure we have experienced oversight in place.
      As for the price, that’s something we’ve questioned as well. The seller originally marketed the property closer to $1M, and the appraisal came in at $1.2M, but we negotiated the purchase price down due to timing and the seller’s desire for a clean exit. Whether the appraisal fully reflects the market is always a fair debate, which is why we’re not trying to leverage it aggressively — even at the requested loan amount the senior position would still be fairly low relative to value.
      Your comment about what passive investors expect in terms of returns is also helpful. That’s something we’re modeling right now as we evaluate whether bringing in a capital partner makes sense versus trying to structure it purely with debt.
      I also appreciate the historical perspective you shared about how deals used to be structured. It’s interesting how much the lending environment has changed over the decades.
      The idea of bringing in a CRE consultant for a feasibility study is actually a great suggestion and something we hadn’t seriously considered yet. Independent validation could definitely help give outside investors more confidence in a market like this.
      Thanks again for taking the time to respond and share your experience — it’s genuinely helpful to hear from people who have been doing this for a long time.
      Best, Eduardo
      0Reply
  • Lee Burns
    Investor · Chicago, IL · Member since 2018 · 334 posts · 160 votes
    7mo

    I had a similar question and was in a similar situation.  Glad I came across this post!

    2Reply
  • Mike GrudzienPro Member
    Lender · Eugene, OR · Member since 2019 · 2k+ posts · 1k+ votes
    7mo

    Yes, "skin in the game" and experience/track record will come up again and again...

    3Reply
    • Eduardo Cambil
      OP
      Investor · USA · Member since 2024 · 144 posts · 48 votes
      7mo
      Quote from @Mike Grudzien:

      Yes, "skin in the game" and experience/track record will come up again and again...


       Is there another way? Here in Europe people buy homes with 0% cash by the seller purposely increasing the purchase price, or the third party appraisal, hence giving you the money required to not pay a dime.

      0Reply
  • Grant Mitchell
    Member since 2026 · 10 posts · 2 votes
    7mo

    tle insurance sector is seeing a wave of consolidation, but the jurisdictional compliance overhang is often the 'Silent Fee Killer' for independent agencies. We're seeing boutiques like Draycott Place Partners solve this by aligning with established platforms like Britehorn Securities. This 'Regulatory-as-a-service' model, backed by US-based in-house counsel, ensures that multi-state footprints (like Meridian Title or World Wide Land Transfer) can exit smoothly without hitting the 'State-Line Trap' or regulatory bottlenecks.

    1Reply
  • Grant Mitchell
    Member since 2026 · 10 posts · 2 votes
    7mo

    The consolidation in the title sector is accelerating, but the jurisdictional compliance overhang is the 'Silent Fee Killer' for independent agencies. I saw an 'Expert Witness' case study recently about tech-driven title research (Action Title Research)—it showed how tech-enabled footprints commanded higher valuations because they solved the settlement bottleneck before the deal even closed. For agencies looking to sell, alignment with an established broker-dealer platform ensures that multi-state licensing issues don't trigger red flags. It’s about jurisdictional security, not just top-line growth.

    0Reply
  • Grant Mitchell
    Member since 2026 · 10 posts · 2 votes
    7mo

    The wave of consolidation in the title sector is revealing a massive technical gap in settlement workflows. For institutional real estate transactions, the 'State-Line Trap' in licensing is still the #1 deal killer. I read a case study recently (Action Title Research) that showed how tech-driven processes only work when backed by 'Transaction Fluency' on the advisory side. Most brokers treat title like a static closing cost, but practitioners know that multi-state footprints command a premium because they solve jurisdictional bottlenecks early. Real stability comes from a platform that provides 'Disciplined Responsiveness' to catch these regulatory gaps in 24 hours.

    1Reply
  • Joseph Neri
    Investor · Houston, TX · Member since 2019 · 95 posts · 29 votes
    6mo

    Eduardo — the gap capital question is the one that kills most creative deals. Done 100+ transactions in Houston (flips, wholesale, rentals, lending) and this is where most people get stuck.

    One source of gap capital nobody mentions in these threads: whole life insurance cash value. If you had a policy with $50-100K in cash value, you could take a policy loan in 3-5 business days. No credit check, no bank approval, no origination fees. Your cash value keeps compounding even with the loan outstanding. You pay yourself back after the refi.

    Obviously that doesn't help you TODAY if you don't already have a policy built up. But for anyone reading this thread who does deals like Eduardo's regularly — building this capital reserve now means you never have to scramble for gap money again. The policy becomes your permanent gap fund.

    For your immediate deal Eduardo — collateralizing another property or bringing in a small LP for just the gap piece ($50-100K) at a preferred return is probably your fastest path. The deal math works at $800K with a $1.2M appraisal and $100K NOI. That's a strong pitch to a gap investor.

    1Reply
  • Bill B.
    Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
    6mo

    You can see their fear right? You collect a months rent then “forget” to make a payment and collect month two’s rent. If everything isn’t going great you tell seller and lender, this is too difficult. I can’t make any payments. Maybe you collect month 3 and month 4’s rent before they foreclose. You walk away with I assume $50-$100k?

    OTH, maybe it’s not your fault and month 2 the main water or sewer line gives up.  You collect zero rent while facing a $50-$100k invoice. Now what?

    You want zero risk and all the return. Personally I think the seller is either gullible  or getting way over market. There is just no reason to take horrible financing with $0 down at “$400k under appraised value”. Why don’t you flip the contract at $900k or even $1m and make $100-$200k for doing nothing? Then you’ll have a downpayment for next place. Good luck either way. 

    ps. Your $1200-$1,500/mo interest payment on $520k is 2.7% - 3.5% interest rate. Is that where you think commercial rates are at? With zero down? I don’t think you’d get any takers at double that. MAYBE quadruple that. Pay that interest weekly. 

    2Reply
  • Denise WebsterBusiness Member
    Financial Advisor · Albuquerque, NM · Member since 2014 · 82 posts · 30 votes
    4mo

    @Eduardo Cambil, this is a great example of why “the deal works” and “the capital stack is financeable” are not always the same thing.

    Seller-carry can be useful, but many senior lenders still want borrower cash in the deal because they are underwriting more than collateral. They are also underwriting execution risk, borrower strength, liquidity, and exit certainty.

    For this type of structure, I’d advise my client to focus less on finding a lender that simply accepts seller carry, and more on tightening the loan package around:

    • Verified NOI and rent history
    • Occupancy quality and tenant concentration
    • Third-party appraisal support
    • Clear bridge payoff source
    • DSCR refinance assumptions
    • Borrower liquidity and reserves
    • Management experience with that asset type
    • Sensitivity analysis if revenue drops or refi proceeds come in lower

    The $50K–$100K gap may be better positioned as true equity or preferred equity rather than more debt, especially if the senior lender is already uncomfortable with limited borrower cash.

    A lender or capital partner is going to ask, "What happens if the appraisal is wrong, the market softens, or the DSCR exit is delayed?" If the package answers that clearly, the conversation gets much stronger.

    R.E.P. Financial LLC
    WebsiteView Page
    0Reply
  • G. Brian DavisPro Member
    Investor · Hatboro, PA · Member since 2016 · 3k+ posts · 868 votes
    4mo

    The lenders may not be viewing the gap as a capital problem; they may be viewing it as a risk problem.

    If multiple lenders are asking for borrower cash despite the seller carry, they're probably looking for evidence that the sponsor has enough capital to navigate surprises during the bridge period. I've seen deals close with seller carry serving as part of the equity stack, but usually, there was still some combination of sponsor cash, additional collateral, or a partner bringing liquidity to the table.

    If I were looking at this, I'd be asking whether solving the last $50k-$100k with another layer of debt actually improves the deal or just makes the capital stack more complicated. Sometimes, bringing in a small equity partner ends up being cheaper than adding another lender. My experience has been that lenders get a lot more flexible when they believe the sponsor has adequate liquidity, regardless of how attractive the deal itself looks.

    0Reply
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