Multi-unit Owner Financing

[sscowan]

Hello,

I have a prospective 18 unit apartment complex in the works for around $500k with a cap rate of 10 and approximately a positive cashflow of $1500 per month after all expenses. The lady who owns them recently received them, along with 40 other units, in a divorce and she wants to sell them. I made initial offer for 100% owner financing for 3 years with a balloon but she refused. I was hoping she might bite. She said she might take a small 2nd but doesn't want to take the tax hit by carrying 100%. Does anyone have any ideas about what I might offer from a financing standpoint? Do all commercial lenders require you to put at least 10% into the deal? I might be able to do a 80/10/10 but of course I would not have to put down too much. BTW, my credit score is 803. Just thought someone might have some creative ideas since I'm still new to this.

Thanks,
Steve Cowan