Newbie financing in Texas

I found a 4 plex needing updating, partly rented asking 145k. I was going to offer 120K with a redecoration allowance of 15k. I have 10% but local brokers( Dallas to Austin) are now requiring 25% down. The three HML’s I spoke with wanted 14-16%apr for the entire 120K, that would have pushed cash flow to negative numbers. I dont know anybody with any cash to borrow from.
Thanks in advance for any suggestions.

If you dont have the required down payment for conventional financing that offers the most competive terms then you should either:

  1. use a private/hard money lender to purchase the property. They should be able to get you in with little money out of your pocket. Then refinance the loan with a conventional lender. The ltv would be based upon the value of the property so the ltv should be low and with decent terms. Yes, you have 2 sets of closing cost.

  2. wholesale the property to another investor that can buy cash or can get the finacing for it. as you build cash assets finacing will become much easier for you.

I’m sure there are other options but these 2 are worth considering.