Needing help finding non recourse debt (Panama City)

[Cain McNeil]

Going to try to keep this as brief as possible- I located a great deal: 25 units, NOI is 165K, contract price is $1,250,000. Property is in a B-, C neighborhood and is well maintained and managed with 100% occupancy. Owner has owned these for a long time and is looking to retire- this deal was found "off market".

We first reached out to originators for Freddie and Fannie and were told that the deal looked great and we should be able to get the following terms:

-Non recourse loan, 80% ltv

-30 year amortization

-10 year fixed rate

-4.25-4.5% interest rate

-Interest only payments for the first two years

Freddie has since come back and passed on the deal due to our market being too small and the age of the property (1984). We are still waiting to hear back from Fannie but it sounds as if they will only offer 70-75% ltv after analyzing our market. No official word yet. 

I have reached out to life insurance companies but they do not touch deals this small (at least the ones I spoke with do not) they like to be at $5-10,000,000 minimum. 

Local banks have financed deals for us before but will only do 20-25 year am, and the debt is not non-recourse. 

Any suggestions out there?? I have what seems to be a great deal and do not want to lose it!

Thanks everybody!