Updated over 9 years ago on . Most recent reply
Financing for multi-unit property in Orlando, FL
We had an opportunity fall into our lap for a multi-family property in Orlando, but we need to finance the deal. What options are out there for us? I'd love it to be in our entity name instead of our personal names, but I don't know what that would entail. Can anyone lend some advice, or are their potential lenders from the area that I should contact?
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How many units is it Tina? If its under 5 units, you will typically need to buy it in your name and then do a Quit Claim into your entity. 4 units and less is still considered a Residential Property. However, if its 5 units or more you are expected to close it in an entity. Usually, an LLC. That's because 5 units and higher are considered Commercial Residential.
Once you let everyone know the units, you'll probably get more help and possibly some lender referrals.