Gap funding and bridge loans.
Hey guys I have a great deal in front of me and I would hate to miss out. It was a pocket listing brought to be through my agent, it’s a 8 unit in a good area near a hospital and university. The rents are low for market value, and the units are low cost per unit for the area. Now here’s the dilemma, this would be my first deal and actually I’m interested in. Creative financing, and I have a lender willing to do rehab and purchase with a 20% down, and I’m considering doing a bridge loan to assist me with the cost of the down payment, has anyone done this or have any recommendations.
The property is coming almost with built in equity, and if I spend money on bringing the property up to date, and bring the rents to market value, it will appraise for more, which would be my ultimate exit strategy a great brrrr strategy deal.
Any gap funding recommendations by then immunity that I should look into? Or partnership style lending that someone else has done that has advice?