Financing an apartment package in Texas

[John Allen]

Im trying to buy package of 30 units in Texas. Verbal agreement to sell at $350k. I have the 20% cash down payment but I'm struggling to find a lender. Package is 96.7% occupied (1 unit is gutted to the studs). Lots of deferred maintenance. Current owner is out of state and is just collecting paychecks.

Reasons are:

-building is ~65 years old

-not many lenders want to mess with a 280k loan in a small 15,000-30,000 population.

-building is 96.7% occupied but needs rehab as current tenants move on.

-current owner doesn't keep very good financial records.

-market cap rates in this area are around 8%. Based on that, this property(even in it's current shape) could be valued around 377. With the right renovations it could easily be worth much more.

TLDR: I have a great apartment deal in the works. I have enough cash for a strong down payment but not enough to pay cash outright. How do I go about finding a legitimate lender that will lend for a small apartment package?

I've already met with a local lender. He said it would be a tough sell because his small bank is currently purchasing another local bank (which is throwing off the banking environment in a small town