Struggling to pull together financing for a 9-plex.

[Account Closed]

Hi, relatively-new investor here with a couple single-family homes looking to move into a my first multi-family property. The property I've set my sights on is a 9-plex where the owners are willing to carry 70% of the loan at a 5.5% rate for a $1,800,000 building. Currently, I have about 10% of that in cash and I'm struggling to source the remaining 20%. I have equity in both of my properties that I can leverage against if necessary, but I'm wondering how I would go about finding private lenders to discuss options. Any advice?

[Robin Simon]

Quote from @Account Closed:

Hi, relatively-new investor here with a couple single-family homes looking to move into a my first multi-family property. The property I've set my sights on is a 9-plex where the owners are willing to carry 70% of the loan at a 5.5% rate for a $1,800,000 building. Currently, I have about 10% of that in cash and I'm struggling to source the remaining 20%. I have equity in both of my properties that I can leverage against if necessary, but I'm wondering how I would go about finding private lenders to discuss options. Any advice?

Honest opinion - this seems like a great opportunity for you with 70% LTV at 5.5% for a property this type/size - I would be very very careful if you need to get the other 20% as a relatively new investor - someone willing to lend the remaining 20% could easily take advantage or come up with terms that could cost you - definitely depends on the further info - but tapping the equity of your current rentals and taking down the full 30% equity stake in this acquisition would probably be the best bet