Small Commercial Loan Criteria/Questions
My partner and I have a 4-plex in a multi-member llc. It is paid off and worth 240K. We would like to pull out the cash to use for more purchases and had some questions around this. I am experienced with conventional financing but not at all on commercial and I noticed most commercial lenders I have searched online have high minimums and/or 5+ minimum unit requirements.
Has anyone done a commercial loan on a property this size? Was it easy to find a lender doing so and if so any suggestions?
Is it common to have seasoning requirements on this type of loan?
How do you present yourself to the commercial lender on paper? Do you create a high level document with your work and investing background including current portfolio numbers? (we also have some SFH's)