jersey city, NJ · Member since 2018 · 47 posts · 2 votes
Hi All, I need a capable, reputable and experienced commercial finance expert's assistance. I have about 20% cash in hand on a residential commercial property at 975k with 10 units, which is occupied in Northern NJ. Total cash in hand is 190-195k or almost exactly 20%. There are several issues like no reserves, and not to 30%. Need an ideas person to assist. Perhaps a 20% mortgage with a 10% line of credit?
Lender · Wauwatosa, WI · Member since 2016 · 571 posts · 203 votes
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@Michael Willis, Are you purchasing the property from another investor directly? Is this an REO? Have you asked the seller if they would the seller consider carrying a 2nd? If they would be willing to carry a seller 2nd for a portion of the acquisition, it might help open some doors to a 1st position lender who may not want to leverage 80% LTV. But, keep in mind you'll still need to be liquid for closing costs: Lender Fee, Broker Fee (if applicable), Title, Insurance etc.