Were can I find a company or mortgage broker that can find or finance small Commercial and Multi Family loans?

Deal Score0

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.

7 Comments
  1. Reply
    jon g
    January 30, 2011 at 6:45 am

    I do this type of loan. Please email with some of the detail
    at JohnG@oldmerchants.com

  2. Reply
    Skip
    January 30, 2011 at 7:06 am

    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”

  3. Reply
    CRIS
    January 30, 2011 at 7:12 am

    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.

  4. Reply
    mortgage help
    January 30, 2011 at 7:24 am

    Try Choice Finance.

  5. Reply
    liveinmd
    January 30, 2011 at 7:32 am

    1-4 unit property is the definition.

  6. Reply
    Landlord
    January 30, 2011 at 8:03 am

    For a conventional loan it is 4

    I believe VA only allows SF though,

  7. Reply
    Classy Granny
    January 30, 2011 at 9:03 am

    Not sure it matters. If you are living in one of the apartments, it is your primary residence

    Leave a reply

    Register New Account
    Reset Password