Evaluating 2 Fourplexes

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A seller has two separate fourplexes for sale (each have an MLS listing). I'm running numbers to see if I can buy them both together as one deal. The fourplexes each have their own lot and are on the same street. They are not adjacent.

Would a commercial lender base the loan on the asset value of each building, or would they value the deal based on NOI/cap rate of the combined rents?

Thanks!

Depending  on the lender you should be able to do these together as a package commercially. My lender would do that all day up here

It’s important to have a commercial lender already lined up for deals like this and be clear what they can and can’t do before. Try a small local credit union or local bank and they will do a portfolio loan, meaning they keep it In their loan portfolio in their bank, so they can be more flexible. 

To my knowledge, the lender will base the value on the appraisal. The appraisal would be a 1-4 unit small residential appraisal, not a commercial property appraisal.