First Timer: Bridge Lender for 20+ Unit Building

[Darnell Coleman]

Hi BP,

My name is Darnell. I have a property that's currently under contract and I am looking for a bridge lender that will fund the acquisition and 100% of the renovation cost. I have plenty of non-commercial experience with 2-4 unit buildings. This property is in the Bevo Mill area of St. Louis, MO. Th e property consist of 20 big one bedroom units that Ill be renovating to a 24 unit. This is a really good deal and I hate to loose just because of the whacky "experience" requirement. 13 units are currently occupied at $500 (way under market). This is a good add value deal. I'm curretly under contract for $882,500.

The problem: The bridge lenders I have found are wanting me to have experience/ownership with 5+ unit buildings. I have done at least 8 rehabs and purchase of residential multi-family in the last 4 years. 

If anyone can help with a lender or is interested. Please let me know that you.

[Charles Carillo]

@Darnell Coleman

Are you looking for a bridge lender to fund 100% of the acquisition or will you be using your own funds for the down payment? If you are planning on using your own funds for the down payment, I would suggest you speak to some local banks and credit unions. They might be more likely to work with you.

[Ronald Rohde]

Lending is drying up. If its a good deal, assign it, take a fee or shadow on the rehab, but this is a big ask in this market.