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Updated over 6 years ago,
Commercial lending for apartment complex
Hello all and thanks in advance for your time. I am in the early stages of negotiating a purchase of an apartment complex. My question is how do I make the acquisition without the required 20% down.
I currently have 10 sfr in an LLC they were acquired in 2013 with a commercial loan. They are 100% occupied and generate $5500.00 per month before expenses, 7 of them are free and clear no mortgage.
For the apartment building which would be the best way going forward. Secure a heloc on each of the 7, or hard money lender.
The apartment complex does not require any rehab so I’m thinking BRRR is not the way to go. Any thoughts. Thanks