Available Financing options for multi-Family (20+ units)

[Bobby Narinov]

I am trying to get financing for a small apartment complex and the bank was on board for a while. I gave them the purchase price, the down-payment and my financial information.

They insisted on giving them the cash-flow and the address of the property. The moment I did that, my request was rejected. I have not received the official letter from the bank but unofficially the loan agent told me that "our biggest issue with this request is the subject property proposed as our collateral".

This is a small local bank that is probably a mile from that property. I am currently pursuing other local banks but what if they all refuse to provide financing.

I suspect I still have the following options:
- different banking institution
- hard money
- owner financing. I doubt the owner will be on board since he is too old and may not be alive for too long.
- negotiate lower purchasing price
- get private money(don't have friends with money) 
- get a partner(split the profit)
- give up. Maybe it is not that great deal after all. this is not my style. I'm used to winning where others fail. and this has a huge upside potential because it is 50% vacant.

Have any of you experienced anything like that and how did you solved the problem?

P.S. I have never seen the complex since it is out of state and I wanted to get a pre-qual/approval letter before making a bid (as the agent suggested).