What are my Best Financing Options???

Multi-Family and Apartment Investing
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What are my Best Financing Options???

Marshall Smith
Specialist · Jackson, MS · Member since 2021 · 27 posts · 20 votes

I need advice. What are my best financing options to purchase a 12 unit multi-family apartment complex in Mississippi.

I have excellent credit. I've been a landlord for over 10 years. I self-manage four single family homes. I have cash reserves, great cash flow, and a good amount of equity ready to be used.

I need assistance connecting with lenders in my area who specialize in my circumstance.

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Chance Stoffel
Member since 2020 · 1 post · 1 vote
9mo

@Mary Andress I'm a mortgage lender in Ohio and have great DSCR options for your investor clients if you would be interested in knowing more. It allows them to scale quickly due to the property itself qualifies the loan and not the borrowers income.

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  • Jason WrayPro Member
    Banker · Nationwide · Member since 2020 · 2k+ posts · 1k+ votes
    10mo

    Marshall,

    Check out my profile and send me an email to talk REI.

    [email protected]727-637-4289
    0Reply
  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 930 votes
    10mo

    @Marshall Smith

    For a 12-unit, your best options are local commercial lenders, credit unions, portfolio lenders, or bridge lenders if it’s value-add, and with your experience and credit most banks should take a serious look; and if you’re open to other regions, the Midwest has a lot of off-market larger multifamily opportunities with strong cash flow potential.

    [email protected]614-418-6081
    0Reply
  • G. Brian DavisPro Member
    Investor · Hatboro, PA · Member since 2016 · 2k+ posts · 858 votes
    10mo

    Your best options are usually local or regional banks (they love working with operators who already manage rentals), agency small-balance loans through Fannie/Freddie if the property is stabilized, or a bridge lender if the building needs work before you refinance.

    The easiest way to get real options fast is to talk with a commercial mortgage broker and a few local bank loan officers. They’ll tell you exactly what they can offer based on the rent roll, financials, and your experience.

    0Reply
  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 667 votes
    10mo
    Quote from @Marshall Smith:

    I need advice. What are my best financing options to purchase a 12 unit multi-family apartment complex in Mississippi.

    I have excellent credit. I've been a landlord for over 10 years. I self-manage four single family homes. I have cash reserves, great cash flow, and a good amount of equity ready to be used.

    I need assistance connecting with lenders in my area who specialize in my circumstance.

    You need to study the actuals of the asset, and ask a few questions:
    is it agency readdy, does it need repairs, are rents there, etc. — connect with an experienced loan broker to really dive deep and get the right advice
    [email protected]860-538-3672
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    0Reply
  • Mary AndressBusiness Member
    Real Estate Agent · Jackson, MS · Member since 2021 · 6 posts · 0 votes
    10mo

    I am a real estate agent in the Jackson, MS area that specializes in investment property sales. I am happy to share a few of my favorite lenders that we use regularly if that helps. Let me know if you are still looking for someone. 

    [email protected]601-218-0100
    0Reply
  • Stacy RaskinBusiness Member
    Lender · Member since 2022 · 1k+ posts · 505 votes
    10mo

    What is the purchase price as that will help narrow down lending options? Happy to connect to discuss further. 

    [email protected]818-770-0340
    Bright Skyline518 Reviews
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    0Reply
  • Simmy AhluwaliaPro Member
    Lender · Atlanta, GA · Member since 2015 · 1k+ posts · 200 votes
    9mo

    @Marshall Smith - from the Hattiesburg area, originally.  There are plenty of non-qm products designed for this type of purchase.  Even, 30 year fixed loans.  Reach out to chat further.

    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    9mo

    Reach out to a few local commercial banks and build a relationship with them. This will be the best path forward. If financing is challenging, reach out to a broker to help you out. Specifically one familiar with multi-family, as it is a much different underwriting process compared to 1-4 units. There are many here on BP that can assist you. 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
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    0Reply
  • Chance Stoffel
    Member since 2020 · 1 post · 1 vote
    9mo

    @Mary Andress I'm a mortgage lender in Ohio and have great DSCR options for your investor clients if you would be interested in knowing more. It allows them to scale quickly due to the property itself qualifies the loan and not the borrowers income.

    1Reply
  • Austin Steed
    Real Estate Agent · Columbus, OH · Member since 2016 · 593 posts · 664 votes
    9mo
    Quote from @Marshall Smith:

    I need advice. What are my best financing options to purchase a 12 unit multi-family apartment complex in Mississippi.

    I have excellent credit. I've been a landlord for over 10 years. I self-manage four single family homes. I have cash reserves, great cash flow, and a good amount of equity ready to be used.

    I need assistance connecting with lenders in my area who specialize in my circumstance.


     Community banks! 3 of my last 4 loans in Ohio have all been with a community bank. Sometimes they'll want a deposit account but it's well worth it to have a banker that's on your side with deals. 

    1Reply
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