Finding Additional Financing for a 7 Unit Non Performing Building

[Shervin Sepehri]

We just got a verbal acceptance on a property for around 300K. I have financing from a bank but the amortization term is 15 years and the rate is 6.27%. They also want to impose a prepayment penalty. The NOI of the property is low because the current owners used the commercial space themselves and also rented a unit to their son and did not collect rent on units. They also kept a number of units vacant. Anyways, I feel like there is better financing available or I can negotiate the terms of the current loan. Can someone help out with this process?