SEEKING ADVICE - NEED CREATIVE FINANCING FOR BIG DEAL

[Jessica B.]

Good News: We've got a sweet deal lined up - $1,275,000 for an 18-unit residential building in Eastern Ontario. 

Bad News: Sadly, financing is an issue. We need to come up with about $700,000 that we don't have in order to secure the remaining balance through a CMHC insured mortgage at about 2.75%. The owner of the property hasn't raised the rents since 2007 so, essentially, the deal looks like crap on paper!

We've looked at options for financing the full amount ($1.3 M) through private lenders, but the fees and interest rates are crazy...

We've got faith that we can turn this place around within a couple of years, so we really want to make this deal happen!

Looking for some creative advice here :)

Any insight would be incredibly appreciated!

Thanks in advance!