Creative Finance Ideas for a 1031 Exchange & two strong deals
Hi All,
I'm in contract on two fairly strong deals but will likely need a likely creative financing to get both of them to the finish line. One is a commercial property in Vegas - 5K Sq Feet. It's in contract at $925K and we're getting LOI flirtations between $1.50 & $1.80 a sq foot with a triple net lease - so $7500 to $9K a month NNN (it's vacant now). This means it's going to cash flow like crazy once we get the lease in place. It appears to be impossible to get std financing w/o lease in place. I've got $400K to make this happen (shouldn't need more than $300K once the lease & std financing are in place). I'll likely need the remaining $100K for the LA deal.
The second deal is a duplex in West Hollywood in contract for $1.35M. I'm pre-approved for a loan at 30% down. The unit have unbelievable views but need major renovations, likely over $300K. I'm aiming to close in 30 to 45 days with a std loan (already pre-approved & in process), then looking for a hard money loan for the reno (no leads on this yet). Once the reno is done, then buyoff the hard money loan and rent out the two units (no leads on this yet either).
Interested in any thoughts/advice on the above and potential hard money lenders in LA and/or Vegas to make it happen.
Thanks all,
Daniel