Creative Financing on Commercial Realestate
Hello Everyone,
Alright I'm fairly new to BP but not disappointed in the topics or tools to date at all.
I am currently trying to structure a deal with a property owner using a more creative route. The property itself is a gem an 84 unit parcel nestled neatly in the midst of and urban epicenter and a college campus. I've managed to negotiate an owner financed deal deal with just under 20% down and 8% interest over 10 years. The property is stable with lots of long term tenants in place and a great management system in place. The wall I've run into is finding the capital for the deal with the down payment at 400k. I've not been able to raise the funds or find a lender. I'm looking for a 12%-18% interest rate, with 4-8 points, and a 3-5 year term with interest only payments with a balloon payment due at the back end of the loan term. Any information, comments, tips, or recommendations are welcome.