I'm having a hard time trying to find a bank/broker to finance an opportunity in Nashville. Its 3 separate duplexes being sold as 1 parcel. Its technically 6 units even thought they are not connected, which makes it a commercial property, but the scale and structure pushes it to the residential side. Too small for commercial funding too large for residential.
Any ideas on how to handle this?
If there are 6 units it should be easier to get a commercial loan for it, why not go that route? I presume they all have the same/similar address (10 Main St #1-6 or similar)? You might have a better time if you put down a larger percentage. Often times banks don't want to do mortgages for small amounts though, but they will do them eventually. I had several with BofA years ago.
@Dori Arazi if they truly are parceled together you will have to go with a commercial or portfolio type of loan. Try to post this in the Tennessee forum and ask for bank recommendations there. You might get some local people to point you in the right direction.
@Russ Draper , I tried that route. They still wouldn't entertain such a small commercial loan.
How reasonable is it to negotiate for a 10-15 year balloon in today's market?
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