Off Market Commercial Loan at 90% LTV??
I have a potential off-market commercial property deal in CT consisting of commercial garages, a multifamily house, and some subdivided buildable land. I don't have sufficient cash on hand for the 25% down payment using a conventional commercial loan, so I've been trying to get creative! I believe the asking price is below what the property will appraise for as it's in a good location with solid current cash flow (that still has potential to move upwards).
My question is: Do any banks or commercial lenders loan on the appraised value rather than the purchase price? (ie. loan 75% of appraisal)
My thought is if the property can appraise for significantly above the purchase price, I can use that equity instead of cash down. I've called several banks who rejected me, so any suggestions or referrals would be greatly appreciated.
Additionally, if anybody has other ideas, I'd love to hear.
Thanks!