Funding for multi family in Los Angeles

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Funding for multi family in Los Angeles

Dante Devine
Commercial Real Estate Broker · Los Angeles, CA · Member since 2013 · 35 posts · 6 votes

I am curious as to what type of funding people are using for multi family property in Los Angeles. It seems the cost for a property starting around $1mm in my area (El Segundo) are way above the limits for any FHA or Conventional mortgage. Is a Jumbo loan the only way to go, and if so, does anyone have any companies to recommend where I can put down the least amount for a down payment? Thanks in advance for any help.

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Stephanie MedellinBusiness Member
Mortgage Broker · CA · Member since 2014 · 1k+ posts · 644 votes
10y

For owner occupied properties or second homes, you can borrow up to 90%, with no MI, up to $2,500,000 loan amount. For investment properties 85% LTV is available up to a $1.5 loan amount. These are portfolio products.

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Stephanie Medellin, Loan Factory58 Reviews
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  • Stephanie MedellinBusiness Member
    Mortgage Broker · CA · Member since 2014 · 1k+ posts · 644 votes
    10y

    For owner occupied properties or second homes, you can borrow up to 90%, with no MI, up to $2,500,000 loan amount. For investment properties 85% LTV is available up to a $1.5 loan amount. These are portfolio products.

    [email protected]
    Stephanie Medellin, Loan Factory58 Reviews
    WebsiteView Page
    1Reply
  • Dante Devine
    OP
    Commercial Real Estate Broker · Los Angeles, CA · Member since 2013 · 35 posts · 6 votes
    10y

    thanks Stephanie Irto. What do you mean exactly by "portfolio products" ? 

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  • Sabi Const
    New York, NY · Member since 2016 · 44 posts · 6 votes
    10y

    @Stephanie Medellin which lenders are offering this?

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  • Stephanie MedellinBusiness Member
    Mortgage Broker · CA · Member since 2014 · 1k+ posts · 644 votes
    10y

    @Dante Devine Portfolio products are loans that won't be sold to Fannie or Freddie so they will have more flexible guidelines.

    [email protected]
    Stephanie Medellin, Loan Factory58 Reviews
    WebsiteView Page
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  • Dante Devine
    OP
    Commercial Real Estate Broker · Los Angeles, CA · Member since 2013 · 35 posts · 6 votes
    10y

    thanks

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  • Sam Richardson
    Real Estate Investor · Lathrop, CA · Member since 2016 · 6 posts · 0 votes
    10y
    Stephanie Irto I'd like to connect with you on funding possibilities.
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  • Chris MasonPro Member
    Moderator
    Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
    10y

    Umm so I do loans up to $625,500 for a 1 unit, $800k for a 2 unit, $967k for a 3 unit, and $1.2m for a 4 unit, in LA County. Not jumbo, not hard money.

    That puts 3 or 4 unit properties selling for $1m well within your non-jumbo price range.

    @Dante Devine

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  • Stephanie MedellinBusiness Member
    Mortgage Broker · CA · Member since 2014 · 1k+ posts · 644 votes
    10y

    @Sam Richardson Anytime Sam!

    @Sabi Const I saw this program through a wholesale lender (they lend through brokers).  I would suggest asking local mortgage broker if they have any programs like this.

    [email protected]
    Stephanie Medellin, Loan Factory58 Reviews
    WebsiteView Page
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  • Dante Devine
    OP
    Commercial Real Estate Broker · Los Angeles, CA · Member since 2013 · 35 posts · 6 votes
    10y

    thanks @Chris m.  I will keep that in mind as I come across deals. 

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