The Chupacabra - Does it exist?

[Greg G.]

Just like the Chupacabra, I'm hoping someone can verify that the following exists:

Will a bank offer "seller/private financing" on Multi-Family REO product, like 100+ unit apartment complexes?

Are banks pressured to offer financing themselves if the property has been on their books and on the market for too long? Banks aren't in the business of owning/running Investment Real Estate projects, right?

I've heard of this scenario taking place on larger projects that require a lot of $ in repairs, with no buyers presenting themselves for up to 1.5 to 2 years. I've also heard that the bank will extend up to 100% financing for the purchase price, so capital can be used for repairs and rebranding.

Has anyone "seen" one of these deals first-hand?

Should this type of scenario exist, who would be the correct person to build a relationship with? Someone at a commericial bank? REO broker?

Gotta run... off to a snipe hunt.... :lol: