Deal Scenario

[Ron Steele]

60 unit apartment

Purchase Price: $1,000,000

1st Lien: $300,000

Seller Carry: $700,000 3-6 months

Appraisal: $1million-1.4million

My question is will a bank finance the first lien. i figured its pretty safe to them since they are financing 30% of LTV. Spoke to a bank and they said they would typically refinance a property if its stabilized {90% occupied for 3 months}.

I was going to go to them and see if they could finance the first lien, then refinance in 3-6 months to take out the seller. I have a private money source that would do it, but the points would be 5.  This property grosses about 30k a month and I have experience with multifamily.

I just wanted feedback from everyone.

Thanks