Broken Condo

[Leandrew Tirrell]

Hey Guys,

 I got myself into a bit of a pickle. I am in contract to purchase a 12 unit condo building for $2, 050,000. My building is part of a larger complex that also has an 18 unit building. The building is brand new, it is fully rented, and the cap rate is 7% (not to bad for utah). I assumed getting a loan for this project would be fairly easy given its solid financials. However, it has been a nightmare to find a good loan. Apparently all the commercial lenders have issues lending on this building because it is a condo as opposed to an apartment. The term i have become all to familiar with is "broken condo". I was wondering if any of you have advice on securing a good loan on this project? I can do 20-30% down payment.

[Steven Bond]

@William Hochstedler thanks for your vote of confidence. @Leandrew Tirrell I can get you 7% without issues and will do my best to see about making up close to that $50k or I can also talk to some of my Utah lending partners about helping you in your current situation.  Can you talk today?  Personal message me.  I've done over $75M in multi units the last couple of years.