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Creative Real Estate Financing

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Billy Au-Yeung
Pro Member
  • Lender, RE Broker
  • Renton, WA
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100
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Financing for a abandoned commercial multifamily property

Billy Au-Yeung
Pro Member
  • Lender, RE Broker
  • Renton, WA
Posted Feb 27 2016, 22:19

I would like to get financing on an abandoned commercial multifamily property in Tacoma WA.  The property has more than 4 rooms so it don't qualify for residential mortgage.  I intended to use it to help the special need or disabled veterans in short term or long term housing need.  I visited 7 banks today and most of them do not want to finance property since it is an abandoned property and it requires another rehab loan to renovate the building.  I was told the wiring, plumbing and HVAC need to be redo.  Does anyone have any idea or can help me to finance this acquisition?  Any lender could do this? I am also willing to offer money management or other misc classes for them at no cost.  This is the least I can do for these gentlemen to get their feet up again who once served our country.  I am also curious whether there is another federal grant I can apply to help out with the renovation.  Any advice is appreciated.  Thank you

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