Hello Bigger Pockets!
I have this deal that I'm looking into. It contains a mobile home park, a few Single Family Rentals, and a 6 unit apartment building. The Seller is willing to provide a wrap on the SFR and a 6 unit apartment building. The seller owns the Mobile Home park free and clear, and there is about 840k of mortgages left on the SFRs that the owner is willing to do a wrap on them. I got out of the owner that he is willing to let all of it go for about $700k net and he is willing to do a 500k FIRST position seller financing.
Would I be able to use any sort of secondary financing to raise funds for the final 700k to close this transaction. I would think it would be easy enough if it were financed across the $2M dollars which would provide a 35% LTC, But if I could only finance against the Mobile Home park which is valued at ~1M that would make it a ~70% LTC which I don't think I could get.
Additional info:
Some of the SFRs are owner free and clear, and some are rehabs that need some TLC to make them rent-able, but it all cash flows positively.
Suggestions?
