Why is he getting turned down for financing just because it’s commercial? Is he trying to get a non recourse loan or does he not have enough money to qualify?
Either he isn't going to a lender that will underwrite multifamily loans or there is something else to it.
How far along has he gotten in the process before denial?
Does he have any similar experience in this type of investment?
How long has his business been established?
What level of outside income does he have to support it?
If he doesn't have experience in this type of properties, it might be hard to get financing as it does not quality for conventional financing and business lenders are usually looking to start slow and conservative with new account relationships.
I’ve got a good guy. PM me.
Has he asked for owner financing?
Jordan Moorhead, Real Estate Agent in MN (#40542303)
Thank you everyone for your response. I shouldn’t have said turned down. He actually can’t find anyone willing to provide a loan for commercial. All the lenders he has contacted do not work with commercial. Any suggestions for lenders for a 6-plex?
I've got one. PM me.
@Quincy P. I offer this type of financing and can consult with him before working with my lenders.
Tim Swierczek, Lender in WI (#103522) and MN (#103522)
Didn't know @Tim Swierczek does that too, if so yeah, have Tim check as well :)
Try first state bank of Rosemount. I just did a 15 year commercial cash out refinance @ 76% LTV with a 4.25% interest rate. My next commercial loan they will accept 20% DP and a 15 year term.
@Quincy P. , PM sent!
Thank you all for the replies. After reviewing the numbers with my friend Zak on this deal we both realized it was not a good deal. Thank you to those I did reach out to for help. I appreciate the help.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.