OfflineAnyone know of anyone that is willing to lend on MF units and or knows of a bank that will refi on one?...or can help me figure out what the lenders actually look at or?...HELP!?
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Hey Bandit - call around to the local banks and ask for the commercial lending department. You might have to make a fair amount of calls but you should be able to come across someone.
I don't invest in that area but have taken out commercial loans before. What are they look for? Tax returns, rent rolls, equity in the property for a refi or 25-30% downpayment if purchasing (maybe more), good credit. Probably a personal guarantee too if it's an LLC owning the multiple units.
Hope that helps and good luck!
- Tom