Lender for a triplex

6 Replies

Hi there BP,

Any recommendations on financing a triplex? Is it difficult for a first time buyer? Not looking to live in the unit. It makes great rent and I have the down payment and reserves, just a little worried about financing as I don't have the experience as a landlord and it's a triplex.

Account Closed - experience does matter with some lenders, it just depends on who you're working with and what sort of lending product they offer. If you have the down-payment and reserves then that's a huge plus and makes you an attractive candidate for most, especially so if your FICO score is in the mid to upper 700s. 

Originally posted by @Robert Lei :

Check with your local banks for residential loans. As long as you have a history of paying your debts (decent credit score), banks should lend to you.

 Mixed-use property! Three units downtown, one is a commercial unit. 

Account Closed

There are numerous products out there for mixed use that don't require income verification and that don't lean heavily on the borrower's experience.  That should give you an idea of what to look for. 

Best of luck