Recommendations for a long-term loan for multifamily building

[Robert Lindsley]

Hi there,

I recently bought a 7-unit multifamily apartment building in Connecticut with owner financing.  The building was $400k and the owner financed $315k at 6.5% amortized over 26 years with a balloon at year 5.  The building has been a great investment with terrific cash flow.

Unfortunately the owner has fallen ill.  So he asked that I find alternate financing and buy him out of the loan.

I know there are multiple paths to get short-term financing but I'd like to explore options for a long-term loan.  I've never dealt with commercial lenders/other long-term financing options before so I'm looking for recommendations.  If you know of any lenders or have other potential options, I'd love to hear them! 

Thanks!
Robert.

[Jason Arcuri]

hey Robert, I've had great luck with local banks for commercial financing.   I can give you some contacts but if you use a local bank, start there.