Does any one know of any source(s) that can assist with the downpayment to acquisition multifamily units? I need about
$ 185,400K in short-term financing (bridge loan) etc…
can you even get loans for down payment? probably not
I have spoken with some brokers that have sources that can provide downpayment assistance. I am just trying to figure out directly who those sources are, and if this loans are bridge loans and the terms. The first mortgage will be hard money, because of my credit and it will more than likely be a bridge loan because the units are about 85%-90% complete; they will be 100% complete and ready for occupancy within two months of getting a loan commitment. I have a lender that can lend me 65% LTV. I am bringing in 20%, and need an additional 15%. I will approach the seller to carry back 15% to cover the gap. However, I want to have “PLAN B & C” in place in case the seller does not carry a second to bridge the gap. Below is additional information on the transaction I put together. If anyone has more info., guidance, and/or experience on how to make this transaction work let me know.
Thx
Alfonso
I am about to enter into a contract to purchase a new 24 unit apartment complex on 5 acres of land located in Brownsville, Texas. The units are all three bedroom with 1 bath. All the floors are ceramic title. There is an approved site plan/space to build an additional 32 units. Closing is in approximately 90 days.
Loan Overview
Purchase price: $1,545,000
Gross rents: $172,800.00
Operating expenses: $21,602.54
NOI: $151,197.46
CAP rate: 9.79%
Your DSCR: 1.88
How bout family members or CPA’s, attorneys, lawyers, doctors, etc.
Nate-WI
Approaching professionals sounds like a great idea. However, in this part of Texas it is difficult to find motivated investors/partners. I used to live in San Antonio and Dallas/Fort Worth and there were many networking functions and investment clubs available to attend. That is something that is lacking in South Texas. I plan to move either to San Antonio or Austin in the near future. Than again it could me
that in the last couple of years I started realizing the importance of surrounding myself with like minded people and have also learned the importance of networking and developing/cultivating business relationships. This are lesson I am starting to apply.
Why look in that part of TX then? Network throughout the state. I bet if I told you that if you could find 3 people who had private money I would give you 50K you would stop at no end to find those 3 people. How bad do you want to do this deal? 
Good point! Now that I think of it Iam already networking in central TX. I will check out other online RE inv. clubs in Houston & Dallas/Fort Worth. Also the lender I found for the 65% 1st. mortgage is from out of state.
There you have it! Now get after it and make it happen. 