Advice for Multi Family Loans?
Hey BP!
I am running into an issue trying to secure financing for a six unit apartment building in Kentucky.
I have spoken with multiple banks, most will not do a “commercial loan“ and the couple that I have found are either not taking new customers or do not lend to out-of-state investors like myself (Colorado). I do have family in Kentucky who could sign on the loan and not be liable for any recourse, but I would rather not do that.
I am wondering if anyone has some advice on how to proceed and who you have used in the past for out-of-state investment loans on buildings with more than four units that are not considered residential. Are there nationwide commercial lenders that you have used before and recommend?
Any advice would be extremely helpful! I am under contract and do not want to let this deal slip away!
Thank you!
Most Popular Reply
What is preventing you from getting Fannie/Freddie financing? Previously I worked at a commercial lender, and they were typically quite competitive for this sort of thing.