Best advice on getting larger loan amounts i.e. $1.5 mil
Hi there! Huge BP fan here 👋🏻So I’ve creatively financed a few smaller projects and have gotten pretty good at it. But now I’m looking at acquiring my dream investment, a vacation rental compound in the most perfect place in the world—Key West. I want to move there and run the 5 room rental but I’m not sure how to get such a large loan.
The property is $4.9 mil. The seller is asking for a 30% down payment and he will finance me the rest. So I need $1.5 mil to put down. The place will probably net between $500k-$800k per year after I get it decorated, marketed, and ran the way I’d like.
What would be the best way to get this financed? A large bank? A private investor? Would I offer them 30% of the profits in return for their 30% down? I know if there’s a will, there’s a way. I welcome any and all advice. Thanks in advance!