How easy is it to find Refi an Apartment ?

3 Replies

Hello Fellow Investors

We own a 32 unit apartment in Arkansas. We bought it for $75K and spent approximately $400K in the rehab. 

We are now looking to Refinance it with a commercial lender or bank and are finding it hard to locate lenders who can can lend that amount. Most of the banks we get in touch with say they have a minimum of $1M loan for apartment complexes. Are we doing something wrong here?

@Pragya Singh

It sounds more like an issue with the financials. 500K is not that much. What does the cash flow look like and the occupancy ? Have you had an appraisal ? How long have you owned it ? What are you looking to refinance it for ?