Loans for Multi-Family Commercial Property (Apartments)

Rental Property Investor · Linden, MI · Member since 2017 · 18 posts · 20 votes

Hi there. I have been a rental property investor for a couple years now and I have utilized mortgages to purchase 1-4 unit properties. I am not interested in a larger multi-unit property but I am not sure where to go for lending options. We are talking 400K - 750k priced properties. Any suggestions?

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Jonathan BombaciBusiness Member

Real Estate Agent · Lowell, MA · Member since 2019 · 1k+ posts · 1k+ votes

Do you have other property in the area or a property manager lined up? Try credit unions local to the area you’re investing into. Be prepared to talk numbers and have a deal lined up so they know you mean business. When they find out you’re an out of state investor they may be Leary to lend but by having the name of a local property manager that you plan to work with or by saying “I’m looking to add to my existing portfolio in your area” you should be able to overcome the you don’t know this market objection.

I am investing out of state, granted it’s only a 2 hour drive from my house. I just walked into the 3 credit unions on Main Street in the town I was looking to buy in with all my loan docs and a bigger pockets proforma on the 5 unit I had under verbal contract (calculators are great) and 2 of them started competing for my business.

[email protected]978-710-8611

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Jake S.
Rental Property Investor · MN · Member since 2017 · 864 posts · 555 votes
7y
Hey @Christopher Goll! You just need to find a commercial lender or a broker who can go out and get you loan quotes on lenders to work with.

Some local banks will be willing to work with on buildings in that price range, so I think I'd start there. Go and talk with a few community banks and credit unions to see what they can offer.
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Christopher Goll
OP
Rental Property Investor · Linden, MI · Member since 2017 · 18 posts · 20 votes
7y
Thanks Jake. I wanted to add that i'm out of state from the property.
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Jonathan BombaciBusiness Member
Real Estate Agent · Lowell, MA · Member since 2019 · 1k+ posts · 1k+ votes
7y
Do you have other property in the area or a property manager lined up? Try credit unions local to the area you’re investing into. Be prepared to talk numbers and have a deal lined up so they know you mean business. When they find out you’re an out of state investor they may be Leary to lend but by having the name of a local property manager that you plan to work with or by saying “I’m looking to add to my existing portfolio in your area” you should be able to overcome the you don’t know this market objection.
I am investing out of state, granted it’s only a 2 hour drive from my house. I just walked into the 3 credit unions on Main Street in the town I was looking to buy in with all my loan docs and a bigger pockets proforma on the 5 unit I had under verbal contract (calculators are great) and 2 of them started competing for my business.
[email protected]978-710-8611
Candor Realty4.760 Reviews
Website View Page
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Justin K.
East Texas · Member since 2018 · 206 posts · 138 votes
7y
Originally posted by @Jonathan Bombaci:

Do you have other property in the area or a property manager lined up? Try credit unions local to the area you’re investing into. Be prepared to talk numbers and have a deal lined up so they know you mean business. When they find out you’re an out of state investor they may be Leary to lend but by having the name of a local property manager that you plan to work with or by saying “I’m looking to add to my existing portfolio in your area” you should be able to overcome the you don’t know this market objection.
I am investing out of state, granted it’s only a 2 hour drive from my house. I just walked into the 3 credit unions on Main Street in the town I was looking to buy in with all my loan docs and a bigger pockets proforma on the 5 unit I had under verbal contract (calculators are great) and 2 of them started competing for my business.
Ain't competition great?
I had three banks competing for my business. Each time a bank would make a move I would edit the name out of the document and forward it to the other two banks. Meet or beat or I walk and this went on for about 2 weeks and the bank that wanted my business the most got it.
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