Loan for Commercial Property

[Brian Metz]

Hi all,

Fairly new to BP and real estate investing. I'm currently under contract for a set of 3 duplexes on a single lot zoned commercially. The current owner is a GC and rehabbing two of the units (which will be finished upon closing). The other 4 are occupied but rents are below market value. I had trouble initially finding a smaller bank to potentially do business with and seller financing was off the table. I submitted an application to Wells Fargo, but was rejected due to the property debt service. Being it's a 33% vacancy and the rents are below value they said it's a no-go. Currently back to the drawing board and looking for options on financing. I know hard money is out there. Maybe a bridge loan? I do have cash to purchase, but would prefer not to do that (I believe there's some cash out refi options available though similar to the Fannie Mae?). This is my first commercial venture. Looking for any thoughts/recommendations ya'll might have come across before or anything I'm overlooking here!

Cheers,

Brian