Creatives Ways to Bridge DP on Commerical Properties
Hi Everyone,
I am looking for suggestions that folks have had luck with in the past to get from ~10-15% figure to 20-25% (Say an additional 50k) to satisfy commercial lenders. There is a 7 unit MF property that just came on the market in our town with a serious LTR shortage that I would like to scoop up. I currently have a 2-unit MF residence @ 80% LTV, as well as a seasonal property under going renovations for STR this summer valued tax assessed @ ~270k free and clear.
Things I have looked into that won't work:
- No appraisal HELOC on the Seasonal (Figure, Etc) - Not enough comps/data in the area
Avenues currently being investigated:
- Commercial Portfolio Loans that may go up to 90% LTV
- Gap Loan (Sounds like high interest rate if possible)
- HML/Gap Loan (Would need to find a HML that is okay with being 2nd mortgage)
Others:
- Cash back at closing (Hot Market - Low Potential)
- Owner Financing a portion (Maybe Possible, has 3 sellers)
- Private Money (More likely possibility)
- Bring in a Partner
Thanks