Multi family investment loan, buy and hold

2 Replies

Hello BPers:

I live in Spokane WA  and would appreciate any referrals for a lender that specializes in multifamily investment properties. My financial situation is a bit odd.  My wife and I sold our small pest control business in California and moved up to the Great North West about nine months ago. She works full time, but I am unemployed and currently home school our two boys.  That being said, we do receive monthly income from the sale of the business.  The payments will continue for another eighteen months.  I visited a mortgage consultant at Wells Fargo and he informed me that they will not use any of the business sale as income because the payments must be for a minimum of 36 months from the beginning of the loan.  I assume most banks are going to have similar rules.  I've been spending the last nine months getting settled in up here. Now is the time for me to begin concentrating on building an investment portfolio.  I am also reaching out to anyone in the Spokane area that would like to chat.

Thanks for any help,

Steve Berro

You can go to commercial / asset-based / specialty lenders that will look at and qualify you based on the property's income (DSCR or DTI), not your personal income.

@Steven Berro , I'd be happy to sit down over coffee or lunch and chat about my experience with you. I've been learning all year about the struggles of traditional lending with nontraditional finances, etc.  If you're interested, PM me and we can set up a time.

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