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Updated about 5 years ago,
Bridge loan for value add property
Hi guys
I have a value add strip center I am looking to buy. Building is 8 years old and doesn't need repair. It's only 34% occupied and as a result NOI is basically 0 (current rents can only support property related expenses).
How do you finance something like this? I called a mortgage broker and she said they only lend on NOI, so I'm not sure if she isn't interested in doing business w me or maybe banks don't lend on properties like this. My feel is that there's gotta be a way, how do I go about this?