Commercial loan under $150,000
OK everyone here's my situation I have a 5 unit property in New York that is asking 120k, I think I can get it for a little less. I have about 40k and would like to finance the rest. It currently has 4 units rented and the 5th needs some updates (at least 5,000). What do you think is the best way to finance? Seller will not finance. Thanks for the thoughts!
Most Popular Reply
@Phillip Gant Continue to keep calling local banks. The last two commercial loans I did were $68k and $75k. Both for me were local VT banks, although they only lend in VT. But banks that lend that low are definitely out there.
Good luck!
- Tom