Life Coach asked:
I am currently in the market to buy a five unit multi-family property listed at $180,000. Because it is considered a commercial property I’m having a hard time finding a lender that does commercial loans under $500,000. I should be able to put 20% down by drawing equity out of another propriety so I don’t foresee there being a problem financing it. I would appreciate any suggestions.
Herman
I am currently in the market to buy a five unit multi-family property listed at $180,000. Because it is considered a commercial property I’m having a hard time finding a lender that does commercial loans under $500,000. I should be able to put 20% down by drawing equity out of another propriety so I don’t foresee there being a problem financing it. I would appreciate any suggestions.
Herman
Norman
I do this type of loan. Please email with some of the detail
at
Comment by jon g — July 27, 2010 @ 12:23 pm
Jason
You should be able to find such a lender by going to your apartment house association in your local area. they normally have a list of lenders that fund loans such as the ones you are looking for.
You can also find an apartment house lender by looking in your local telephone book. Look for those that specialize in apartment lending.
Now if these units need up keep and rehab and will not appraise to $180,000 until repaired that might be a different problem all together.
I hope this has been of some use to you, good luck.
“FIGHT ON”
Comment by Skip — July 28, 2010 @ 9:30 am
Lauren
These questions are so hard, since I don’t know where you are. What I know is you are no where near me (I am outside of D.C.), as a SLUM would not be $180K per unit – let alone for five. Start by calling the local housing authority. I bet they can put you in touch with your state housing authority, who may have special below market interest loans for you. If they can’t help you with a special deal, they should be able to refer you to someone to do a market rate loan for this project. Good luck.
Comment by CRIS — July 28, 2010 @ 2:37 pm
Curtis
Try Choice Finance.
Comment by mortgage help — July 30, 2010 @ 3:50 pm