Hey all, I am about to go under contract for my first multifamily property a 6 unit building in Union County, NJ. I was wondering if anyone in the area had any suggestions as to who to go to for financing. I'm buying it for $600k and looking for 70-75% LTV, 5-7 year term and a 30 year amortization schedule preferably.
I've already gathered a list of regional banks and am ready to call their lending departments but I thought before I do I might as well see if anyone on BP has a reference that they have worked with before with success. All suggestions are welcomed. Thanks!
I am not sure what are the prices in your area, but $100k/door sounds extremely high.
That said, i suggest you use Old Capital.
Best of luck,
Seeing $100k/door in FL too. All markets are different.