Qualifying for a Commercial Loan... Need Info
A client of mine is looking into purchasing a small multi-family property, approximately 8 units or less. They have experience managing rental property SFR's before, but this would be the first multifamily investment.
What will be the biggest determinant in her qualifying for the loan? The rents? Or her personal credit history and finances?
Also, a minimum down payment of 25% is required, correct? So if she has $200,000 to spend the max purchase price would be $800,000 right? Please advise. Thanks!