Commercial Loan for a 5-unit building in NJ

[Andrew Bolton]

Hi there, I currently own two single family rental properties and was recently approached about purchasing a 5-unit building in the same town.  The listing notes state that only commercial loans can be used.  I have zero experience in commercial loans and would love any general advice, watch outs etc. The asking price for the property is $785,000 and monthly rents currently total $5,500.  Thanks!  

[Ali Hashemi]

In my (very limited) experience, as long as you have 20% to put down and a steady job the bank will back you on a commercial loan. The more you have to put down the more likely they are to approve.