Commercial Multi Family Purchase
I have come across a 13 unit bundle of 3 properties that I would like to purchase. I don't know much about commercial loans/buying process and how it differs from conventional, hoping someone could help me out. Are the loans shorter , i.e. I'm not going to get a 30 year loan, what is the standard loan term? What are the banks looking for when it comes to approval, my income/debt ratios? I would need to partner with someone to afford the down payment, I know this is usually done with an LLC, are commercial loans given to LLC's? I have been denied by several banks trying to purchase a 2-4 unit with an LLC. Any advice is greatly appreciated.