Updated over 5 years ago on . Most recent reply
Qualification for first commercial loan
Hey all
Newbie here. My question is how important is 'previous experience' when it comes to applying for a first time commercial loan? Do not own any rentals however looking for a small 6-8u MFH in the midwest. If we meet all the acceptable criteria for the loan (DSCR, credit, combined income will be about the value of the property, reserves, etc) so that financially the numbers make sense, however since we don't have any previous MFH experience, how will that affect us?? deal breaker? High rates? or should we be good to go since the numbers make sense?? Thanks and happy holidays!