HELP! Need Creative Ideas for Funding Triplex Quickly!!!
I am scheduled to close on a triplex property in Charlotte, NC near uptown in an area where very few multifamily comparables exist. I was intending on executing the BRRR strategy but my financing has hit a roadblock due to the lack of comps. My funding was scheduled to be a hard money flip loan because the property needs renovation and the listing required a cash buyer. The lender has indicated that the very few comps (none that have been reno'd) that are available do not support the ARV indicated of $350k. The appraisal has not come back but we are planning for the worst with it coming in around $260-270k. The 2 options that I have currently are to below:
Purchase $250k, Repairs - $50k, Rent per month - $1100-1200 per door, NOI - $2,500-2,800
$2,500 earnest money, $500 DD
1) Continue with the fix n flip loan at 85% ARV and hope for appraisal close to ARV.
2) Proceed with Rental loan @ 70% ARV, private money for 30% downpayment, fund renovation out of pocket.
3) Please Help with additional options!
4) Please Help with additional options!
5) Please Help with additional options!