Financing a small commercial multi-family property in Oregon

[Rachel Payton]

My husband and I are in the process of selling our first (and currently only) rental, and we would like to use the money we have in equity to buy a 5-unit, multi-family property. I'm not sure how financing works for commercial properties and was hoping to get some insight. I know the required down payment will be slightly higher as well as the interest rate, but what kind of information are lenders looking for? From what I understand, financing will be less about my husband and I's income, and more about the property itself. Also, should we set up an LLC? And if we did, how would that work for financing?

Any help is appreciated!

[Jay Hinrichs]

your local community bank or credit union there in Albany or Corvallis is all you need. you could check Salem or Eugene as well.. stay local.. they know the market and invest in the markets. Ask a title company who is aggressive in the space or a good LOCAL commercial Broker they will know.