good deal?

[Charlie Bones]

I have under contract a 8unit apt building with 2200 sq ft of store front and two duplexes. 10/12 units are rented and the store front is unused. All 3 properties are located in indiana.

Purchase price is 175000

Local bank wants 43750 down, and 1035/mo p/i

appraisal is 1900

closing 2200

10/12 units generate 3700/mo

last year utilities,insurance, maintenance,vacancy,cap ex were 16200

Ive met with the vice president of the bank, twice now and keeps telling me this is a really good deal.

i have good credit and about 15000 cash, 1 rental that gets 550, and low dti

Im looking to get creative with the down payment. Are there any hard money lenders that will loan 43750 for 3 months or less? The seller is willing to write me a check for that amount after the close on the proprties and give me a 3 year intrest only ballon payment. So i can pay the hard money lender off plus his fees/points