Commercial Lending question....
Hey All,
I'm looking at a deal on a 6-unit building. When I contacted the agent about putting an offer on it, he said "...sure, just provide me proof of funds or a Pre-Qualification from a Commercial lender"
I had planned on using the lender I currently use for my other income properties. But they informed me they could only qualify for me for up to 4-units.
So this is my first experience trying to secure commercial funding for deal.
Is there anything I need to be aware of, or looking out for?
How much different is it than residential lending?
I always thought that commercial lenders were primarily concerned with the property financials, as opposed to your personal financials ( ie; Fico, Debt ratio, etc). Is that correct?
Thanks in advance for your input, suggestions, and experiences.
~Russell