Identified a NNN property that seems perfect for a 1031 Exchange. Only problem is we may not be able to swing the financing.
We have $600 to 700,000 net proceeds from selling an investment property but this target NNN property is almost $4 million.
We have near perfect FICO and a networth of $2 million plus.
Any suggestions?
Doesn’t seem like you should have trouble securing financing. You have 15% DP plus closing costs - and if your credit and networth good you should qualify. If you can’t secure an 85% LTV senior loan, possible solution could be to get an 80% loan and secure the other 5% with Mezz money, Bring on investors via family/friends or PPO/PPM. Ask the seller to carry 5% etc.
You should be able to make it work. Good luck.
One broker told me mezz money for deals at least $10 million. Do I just contact other brokers?
I’m not sure what the criteria is for Mezz, couldn’t hurt to contact other brokers.