Best Apartment Lender Under $750k Fannie Mae loan Minimum
Im currently under contract on a 16 unit apartment in Georgia. I have been in the process with Wells Fargo and just started having issues (30 days into contract) with their underwriting department. I would have loved to obtain Fannie Mae Financing, but I am just under the minimum limit (700k loan.) If I have to, I will use a short term lending program to obtain the property, and then refinance out in a year or two. I was hoping to get locked in off the get go with quality long term financing though so I don't have to worry about rates and prepayment expenses.
If anyone can suggest a lender whom lends on sub $750k apartment loans, please let me know. Thank you!!
Most Popular Reply
@Justin R. - They probably just want the deposit relationship related to the business. Yes, not being a resident creates another layer of difficulty. You might need to talk to a commercial mortgage broker.