Creative Financing For 6 Unit - Taos, NM

[Robert Walters]

Hello,

My wife and I are under contract on a 6-unit property in Taos, New Mexico. The property is a former bed amd breakfast recently converted to long term rentals. We are weeks away from our closing date and the lender has let us know they are unwilling to lend to us based on the fact that 2 of the units do not have kitchens. The sellers are unwilling to work with us on getting kitchens installed. We have contacted several other lenders, all with the sane response. The property is awesome, will cash flow well and has a ton of potential upside. We hate to let it go but seem to be running out of options.

Has anyone run into a similar situation and come to a creative solution? Other suggestions are welcome!

Thank you!!!

[Mitch Messer]

Hey @Robert Walters, have you approached the sellers about financing the sale, at least long enough for you to resolve the kitchen issue?

If they'd be willing to accept a reasonable down payment and receive payments for at least a year, would that be enough time for you to secure lender financing to cash them off?

There's ZERO downside in asking; there's likely to be some deal configuration that would make both parties happy!