Hi all,

I am looking to purchase a building that has 26 units. I am going to submit an offer for $800/$850k with about $200k down. I am looking for financing — looking for recommendations!

@Kasia Harmata

I highly suggest you reach out to all local banks and credit unions near the property. A property of this size is what these institutions focus on and the closer they are located to property, the better. They will most likley be keeping your property on their books so you are usually able to negotiate most terms.

At $800K you have 25% down. You need to show 6-12 months reserves on hand as well. You didn't indicate cap rate or NOI. If you expect low rates expect to go full doc.

Originally posted by @Kasia Harmata :

Hi all,

I am looking to purchase a building that has 26 units. I am going to submit an offer for $800/$850k with about $200k down. I am looking for financing — looking for recommendations!

Where is the property?  Do you have the operating income statement and rent roll?

@Charles Carillo thanks!

@Stephanie P.

Yes, I have that. Maybe I could email you?

Property is located in Chicago

@Kasia Harmata - What area in Chicago and how do the numbers look?  For me, personally, Commerical lending has shown to be pretty tight. 

Hi @Kasia Harmata ! 

I wish you the best of luck! Where in chicago are the properties located?

@Kasia Harmata there is so much missing that the community will need to help you out. Is this in Chicago? South Side? North Side? From the price, I am guessing it is on the south side. You will need a local lender who understands your business plan and you will need a great property management team for that class of property. Have you connected with a PM yet? 

Originally posted by @Kasia Harmata :

Hi all,

I am looking to purchase a building that has 26 units. I am going to submit an offer for $800/$850k with about $200k down. I am looking for financing — looking for recommendations!

Drop me an email or private message and I’ll give you a couple of referrals