Boiler replacement needed ASAP!

3 Replies

Hello Everyone, I have a building that needs the boiler replaced ASAP! Does anyone know of any funding sources out there for that? I tried to get an equipment loan and no go! This is a 4-unit building with 4 2 bedroom/1 bath units 100% occupied, in kind of a blighted area of the city. I'm wondering if there are any social service agencies that might help with this. The building is in Southwest Michigan. Any advice pointing to a funding source would be greatly appreciated! Thank you!

Any chance you can get your utility company to fund it then the monthly payments (plus a >usury %) are just added to the billing each month. 

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The property has a 1st mortgage against it at 75% LTV. That still leaves $42k of equity but I'm not sure a lender would do a higher LTV%, but I can ask! Thank you!

And I will contact the utility company per the other idea. Thank you!