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Updated over 8 years ago,
How to finance a 5-story half finished?
Hello BP!
I have financing questions and would like advice on an Apt building.
This is a 5 Story appartment complex outside downtown.
First story is 2 commercial business spaces, one is leased.
Second story are 4 apartments 3 leased, one waiting on a business person to move in. I haven't seen anything but the hallway but they look very nice.
3rd 4th and 5th are gutted and unfinished
The whole thing is going for about $300,000 but I think I can get it for $250,000
Current income is $3,650
I don't have a business set up yet, but I'd like to figure out IF any banks will finance something like this where it barely covers the debt service, but if rehabbed would do great.
This financial analysis doesn't include the 3-5 floor rehab, just a touch up of the second floor. Would a bank lend on something like this? I don't have a lot of money for a downpayment.