Need A Little Creative Financing
I have a deal that I am working on: 5 units - 2:1/1 2: 3/2 4: 2/2 in each unit. Total 40 apartments. Property manager company on site. Site has more than 15 blds. I own a couple there already. Trying to purchase these. Seller offering 2.4 for the hole lot. DCR of 1 with 0 Down at 8%. I can come up with some money down but I need a creative lender to do the deal. Anyone can help out here? The numbers work. Up and coming area. Rents are at market and increasing currently to keep up with market. Newer area. Any advise as to what to do to get out of the required 15 or 20% minimum downs?
check out this sites ability- **Please See My Profile**, I believe is the address
Fannie Mae now has a multi Fam product that will lend up to 90% but also allow a seller concession of up to 5% the deal has to be strong to get that good of a transaction.
[ Edited by commercialking on Date 05/31/2006 ]