I’m looking to find recommendations on the best commercial lenders from all of you! I want to get a good idea of their requirements and underwriting before my next good deal comes up.
More specifically, multifamilies/apartment buildings. I’ve already met with Twinstar, and I’m hoping to sit down with a few more. I haven’t yet done a commercial, only residential, so I’m looking to go bigger!
Washington State (more specifically, Sound Sound area)
Bar none, the best commercial financing on multi's is Freddie Mac & Fannie Mae small balance loans. 1 - 6 million loan amounts. You wont find a smaller down payment and better rates and terms combination.
Awesome, @Kevin Romines , thank you!
Freddie Mac and Fannie Mae are the way to go, if you me their requirements. If not, there are other alternatives in addition to them. If you want, send me a PM to discuss further.
Hi @Wendy C. , I agree with the folks above regarding the Fannie/Freddie options. I am currently getting one of those loans for one of my properties, for instance. However, if you have special turnaround/value-add situations such as very low occupancy, significant rehab, unusual situations, etc. then sometimes you will need to first go through another flexible lender and then perhaps refi into a Freddie/Fannie loan. Depends on what type of property you are looking at. I have contacts for all of those types of loans, so PM me if you ever have a specific situation where you need a referral.
@Wendy C. I send everyone to First Financial NW Bank for commercial products. They have some pretty unique commercial and portfolio products. If you are looking to meet with other commercial lenders PM me for his info, and you can reach out to him for some of their guidelines.
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