Advice on Looking for Commercial Lender for a 5-Unit Building?

[Kristian Kotov]

I have identified multiple 5-unit buildings that I am looking to purchase in the Fall River, MA area. Originally, I was looking for FHA loan, but when I found a 5-unit building within my budget, they told me that FHA doesn't work for that because I need a commercial loan for anything over 5-Units.

I'm looking for advice on how to find a commercial lender to work with, whether my personal income / credit score factors into this? 

Full Disclosure: It's my first time investing. 

[Stephanie P.]

Quote from @Kristian Kotov:

I have identified multiple 5-unit buildings that I am looking to purchase in the Fall River, MA area. Originally, I was looking for FHA loan, but when I found a 5-unit building within my budget, they told me that FHA doesn't work for that because I need a commercial loan for anything over 5-Units.

I'm looking for advice on how to find a commercial lender to work with, whether my personal income / credit score factors into this? 

Full Disclosure: It's my first time investing. 

If you are looking for a 5 unit to live in (I'm guessing that because you were looking at FHA and it's your first property), that's not going to happen but you were on the right path.

Find a 4 unit that will satisfy FHA's self sustainability test and make it work. Your cost to entry will be lower, your rate will be lower by a third and your ability to manage the property because you live in it will be way easier as well.