Creatives Ways to Bridge DP on Commerical Properties

[Jon Vassiliades]

Hi Everyone,

I am looking for suggestions that folks have had luck with in the past to get from ~10-15% figure to 20-25% (Say an additional 50k) to satisfy commercial lenders. There is a 7 unit MF property that just came on the market in our town with a serious LTR shortage that I would like to scoop up. I currently have a 2-unit MF residence @ 80% LTV, as well as a seasonal property under going renovations for STR this summer valued tax assessed @ ~270k free and clear.

Things I have looked into that won't work:

• No appraisal HELOC on the Seasonal (Figure, Etc) - Not enough comps/data in the area

Avenues currently being investigated:

• Commercial Portfolio Loans that may go up to 90% LTV
• Gap Loan (Sounds like high interest rate if possible)
• HML/Gap Loan (Would need to find a HML that is okay with being 2nd mortgage)
• Using Cross-collateralization against the STR to help secure loan.

Others:

• Cash back at closing (Hot Market - Low Potential)
• Owner Financing a portion (Maybe Possible, has 3 sellers)
• Private Money (More likely possibility)
• Bring in a Partner

Thanks