NEWBIE SEEKING HELP!!!!!

I have an opportunity to buy a commercial building which I know I can make money with BUT I have not done a deal before nor do I know how.

I have found a commercial building with 30 aacres which can be divided into lots. the area is middle class with houses being put up in 3 different parts of this area in subdivisions selling at 150-200K per house. I just want the 18,000 sq ft building anyways. The comparable properties for this that a real estate broker has said sold in past 12 months all range in 700-940K with close to the same amount of land. The ones with just the warehouse and no land have sold for 400K. This does not include the 200K worth of equipment in the building which is part of the deal for my disposal.

I can pick this all up at 400K. I have a developer which wants to partner on developing and an auctioneer going to do a 2 day sale of all the equipment which he estimates at a liquidation style sale it should bring in close to 75-90K.

This all sounds great I know. Here is the problem…

I have no money and dont know how to go about getting a lender to help me out as I dont have an income to justify this large of a loan and not having any luck finding a lender willing to look at it just from the value of the appraisal and lending with no money out of my pocket for it.

ANY HELP WOULD BE APPRECIATED OR GUIDANCE FOR BUYING IN SOUTH CAROLINA???

Anyone I have spoke with will not fly to see it as the deal is too small for them or the other is that I believe they may not have heard SC is part of the USA as most HML I have contacted will not or do not go there.

Does anyone have any suggestions??

I have spoke to a HML and they said that I would need to put in 64,000 of my own money or put up another property besides this property. That would mean the property with acres being worth 700 and another 64 for a loan of 336K… This does not make a very high logical answer to help. They wanted 12% and 6 points for closing…I hope this is not normal for this industry as I thought I would be able to get in with little if anything since I have good credit and the value of land and building are more than I need. I am not even getting a 50LTV at this rate with good credit and a letter for an international company to lease the building at a higher rate than the monthly payment!!!

Getting very discouraged about all this and would liek some input from the seasoned people.

Thanks for listening to me whine and complain.