Flipper/Rehabber · Easton, MA · Member since 2014 · 87 posts · 22 votes
Own 2 properties, 1 in Hawaii and a multi family in Massachusetts (house hack). Have the 25% down payment for a 6 family investment property that Ive been eying which already cash flows and my credit score is above 780. Anything over 4 family cannot do conventional loan so I would need a commercial loan.
Going to talk to some local banks but thought Id reach out on BP first! Anyone have any contacts here in MA?
I would ask your agent or attorney for recommendation for a commercial lender at the local bank. Generally the commercial will be 25% down 3-5 year adjustable with 20-25 max term. I had to shop around a bit but found someone great at Lee Bank in the Berkshires.
If the numbers work I'd imagine you'll have no issues finding options, but if feel you're getting low balled on the rate/term/amortization I'd suggest you reach out to Wells Fargo. They have a tremendous small balance program up to $750,000 with great options for the term and amortization.