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Updated over 8 years ago on . Most recent reply

User Stats

38
Posts
5
Votes
Donald Torrence
  • Wholesaler
  • East Chicago, IN
5
Votes |
38
Posts

Is there a lender for a 5 unit in Northwest Indiana

Donald Torrence
  • Wholesaler
  • East Chicago, IN
Posted

Hey BP,

I have been trying to refinance a 5 unit building in Northwest Indiana. I have found that the banks in my area do not like 5 units because the loan won't be big enough. I have been searching for a broker to get the loan done to find out that they want 9 to 12% with a 3-year adjustable rate and a prepayment. 

What has been BP experience with getting loans done for a smaller commercial apartment building? Can anyone guild me to a lender?

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