Multi-Family and Apartment Investing

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John Wilson
  • Investor
  • Sylvania, OH
2
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26
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Advice, funding for commercial multi family

John Wilson
  • Investor
  • Sylvania, OH
Posted Jan 25 2022, 10:15

Has anyone ever used velocity? I contacted them for funding on commercial multi family Propertys. They informed me they do not deal directly with investors,and that they only deal directly with brokers. From that point, they put me in contact with the broker, and he’s telling me he can get the funding for me. The only criteria that they need is ,for me to have at least 680 FICO , which I have, 25% down, closing cost, six months reserves,  For 30 year fixed ,at 5% interest.  He’s saying no business tax returns , and his fee is 1% on the loan amount ,not the Total purchase price.   

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