Financing for 6 Unit Multifamily
2 Replies
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posted over 3 years agoHey 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!
Mauricio Ramos
Rental Property Investor from San Antonio, TX
replied over 3 years ago
Brandon,
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,
Mauricio
Kurt Jones
Investor from Longwood, Florida
replied over 3 years ago
Seeing $100k/door in FL too. All markets are different.