Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Commercial Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago,

User Stats

2
Posts
1
Votes
Andrew Puglia
  • Rental Property Investor
1
Votes |
2
Posts

Creative financing tips needed!

Andrew Puglia
  • Rental Property Investor
Posted

5 unit property on 17 acres in Hunterdon County, New Jersey; the 3rd highest median income county in New Jersey (~$80k). Listing price is $440k with an assumed purchase price at $400k + $100k rehab + $12k closing + $5k other fees. Total project cost = $517k. Down payment of $50k. Loan amount $467k. After rehab value is $700k. Rental income is $57,000 per year for 4 units and my wife and I could live on the property. 

Most commercial lenders are offering 75% LTV of purchase price; $300k off of the $400k assumed purchase price. So with $50k down we need $167k from somewhere else.

Does anyone have any advice on how to finance this commercial property?

Our particular interest is to find a property that we could live in, rent the other units, and transition the land to a sustainable, agriculture -based homestead. With the operating income we could cover operational costs and debt services and still end up net positive.

Loading replies...