Looking for a lender on commercial apartment building (7 units)

[Arshia Bahadori]

Hey Biggerpockets

First time posting. Was wondering to get some insight on financing a potential deal. 

I have been negotiating with this seller for quite some time. This seller is ready to sell me there 7 unit building in El Paso, TX for about a 1/3 below of what I believe to be the market value. The numbers look something like this.

200,000 Sales Price

300,000 value(I've come up with this number using comps/cap rate/NOI)

29,438 NOI

14.7% cap rate (which is pretty high, even for the el paso area).

My question is, do you guys think lenders will lend based on an appraisal alone? I am trying to get into this deal with as few dollars out of pocket as possible. I am hoping since I have negotiated such a great deal, that I could avoid having to come up with 20-25% down like you typically would with commercial/conventional loans.

I am planning on hitting the banks all this week to see what I can get.