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Updated almost 9 years ago,
Apartment building re-finance
We are in the middle stages of buying a 30 unit apartment building in Phoenix. We're putting 30% down and owners carrying back the 70% for 5 years. Our goal is to re-finance in 2-3 years to pay back the sellers and my question is what kinds of lenders can we talk to about re-financing an apartment building of this size? Should we start talking to someone now so we know what we'll need to show in 2-3 years when we're ready to re-fi? I want to have an exit strategy for the carryback loan other than listing the apartment for sale or having the interest kick up too high if we can't re-fi in 5 years... thanks for any help/advice.