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Updated about 5 years ago,
Creative Financing Help. Hard Money and Points
Hi BP!
I'm looking to find a private lender that is open to doing some creative financing for a commercial property that I would need to do a quick close on.
There's a commercial property that is going into a foreclosure auction in two weeks that I would love to try to win. I currently have a portfolio of 3 cash flowing property with roughly $900k in equity, but I won't have enough time to build out a line of credit on these properties in order to leverage this equity for this purchase.
Are there Private Lenders or Hard Money lenders out there that are willing to do creative financing on properties purchased in an auction? I have the $50k deposit to sign up for the auction but would need the financing to actually close on the property a few weeks after the auction. The overall goal then would be to get a conventional commercial loan in the next 3 to 6 months after closing.
I'm hoping to use my equity as collateral with said creative financing partner and offer up percentage points in the overall deal on top of the traditional interest on the loan.
Does anyone have any advice on who I should be talking to in order to find someone that could move quickly here to make this work? Thanks in advance.
Tom