130+ Unit Purchase / Lending Help Needed

[Ryan Prichard]

Hey BP Nation.

I'm looking to purchase into this asset class and need help landing the remaining $4.3 mil of a $12 million deal. $7.7 million is required to be an assumed mortgage or seller cannot sell. (They can but adds a $1.2 million pre-payment penalty from lender). I'm looking to Bigger Pockets for suggestions on how to secure the remaining amount. I'm an avid listen to BP podcast. I send requests into hard money lenders. What else do you suggest? Do I pull in partners (I have a few) or seek private money? 

All help is appreciated!

-Ryan

[Caroline Gerardo]

"an assumed mortgage" what is that? The existing note is assumable with lots of ins and outs? What's the current rent roll income, real actual paying tenants not in covid excuses? Buyer has $2.4 million? My suggestion is to contact existing lender to re-write a loan and roll the prepay they want into the new note, or pay them the high rate of return they believe they are due. Seller isn't going to discount the pre-pay and make it go away per what you say What is note rate and term? Weigh the cost of prepay vs paying off and CAP rate