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Updated 7 months ago on . Most recent reply

Jay Thomas's profile image
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Jay Thomas
  • from Chicago, Illinois
  • Member since Mar 17, 2017
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Jay Thomas's profile image
Jay Thomas's profile image
Jay Thomas
  • from Chicago, Illinois
  • Member since Mar 17, 2017
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Jay Thomas
  • Chicago, IL
61
Votes |
136
Posts
Buying & Selling Real Estate

Multifamily Loan Option

Jay Thomas
  • Chicago, IL
Posted

I am looking at a 7 unit multifamly property that has been deconverted into 7 condos with 7 different PINs. They are all under a single roof and currently rented out. Im currious the kind of loan option available for this kind of property. Since this can be treated as 7 different properties, can I get a conventional loan or will this still require a commercial loan?

Chicago, Illinois
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Andy Nathan's profile image
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Andy Nathan
  • Rental Property Investor
  • from Chicago, IL
  • Member since Oct 5, 2019
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Andy Nathan's profile image
Andy Nathan's profile image
Andy Nathan
  • Rental Property Investor
  • from Chicago, IL
  • Member since Oct 5, 2019
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Andy Nathan
  • Rental Property Investor
  • Chicago, IL
118
Votes |
199
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Andy Nathan
  • Rental Property Investor
  • Chicago, IL
Replied

Hi there,

Maybe you can do a portfolio loan. It would probably be a commercial-type loan. However, conventional allows up to 10 loans.

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