So diificult to find multifamily loan < $500K

19 Replies

Hi everyone, Need help! I find it extremely difficult to find a bank/credit union providing <$500K multifamily loan in San Anatonio TX. Most of them rejected me by saying they only do commercial multifamily loan no less than $1m. The ones saying they can do will only do 6% or higher interest rate, with 1 point fee. Can you please share with me the loan officer who will do this kind of loan? I’d love to talk with them! Thank you so much !!!
@Yannes Chiang I get commercial loans from local banks in the out of state market where I invest. Start calling around. I get 5.5-6%, 20 year am, 5 year ballon. Some have longer fixed periods and longer ams but they have rates approaching 7.
@Yannes Chiang Hi Yannes, If you are still looking, I have references to a number of out of state lenders I work with who can do this deal. I am a licensed mortgage broker, for clarification. Shoot me a PM if interested. The 5.5-6.5 rates sound pretty accurate to me. Loan amount shouldn’t be an issue.
@Yannes Chiang I have the same issue, not much out there for investors below $1m ... go big or go home I guess? I have a 16 Unit in OKC. PP: 690K, 16 units, NOI: 70K. Numbers all work - great deal also. I’m only looking for 75% LTV. Anyone have referrals, I’d also appreciate it. Thanks!