Financing Multi Family

[Dave Fulkerson]

My Name is Dave Fulkerson. 

I’m an investor out here in St Louis. I’m looking to get financing for an apartment complex that is currently listed at $925,000.  Talked to the agent and we should be able to get it for closer to $890,0000 - $900,000.  

It is 20 units, all 2 bedrooms and one bath, contracted with Sect 8 (HUD) and is 100% leased.

My experience in real estate covers all the areas that would make this a good fit for me.

I’m a licensed agent and run a property management / real estate company here in the St Louis Metro area.

I manage 130 plus single and multi family units in the area, as well as own several rental homes of my own.

I recently worked with two other investors and we financed a 12 unit complex.  

This property looks like a good investment.

I'm looking into the Freddie Mac Financing.  

Does anyone have a recent example of the loan rate and terms.  Talking to the loan officers so far, it looks like a 10 year term, amortized over 30 years.

I'm also looking for suggestions for the 20% down payment.  Looks like I need $180K.

I plan on contributing my real estate commission into the closing costs and down payment, but I'm still pretty short.  I'd like to bring on as few partners as possible.

Suggestions?