Commercial Loan Investment Property

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Commercial Loan Investment Property

Andrew Dixon
Member since 2023 · 6 posts · 1 vote

Looking for a lender in Cincinnati, OH area or online. Probably single family but up to 8 unit. Title to be taken in an LLC so commercial loan. I've got 4 single family rentals producing 5200/month (no debt on them). Still have a w2 job over 100k. Ok to put 20-30% down. Don't want to move my personal and commercial bank accounts from current bank. No prepayment penalties. Thanks in advance for any suggestions!

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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y

    Hey Andrew, 

    You may be able to finance a 2-10 units with a DSCR loan. Closing in an LLC is required and there will be prepayment penalties unless you buy it out in points or increase the rate... Lenders will not factor your W2 income to qualify and if the property is 5+ units, may require it to be 70% occupied.

    [email protected]818-269-7983
    LuxePrivate Investments LLC 570 Reviews
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  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 678 votes
    2y
    Quote from @Andrew Dixon:

    Looking for a lender in Cincinnati, OH area or online. Probably single family but up to 8 unit. Title to be taken in an LLC so commercial loan. I've got 4 single family rentals producing 5200/month (no debt on them). Still have a w2 job over 100k. Ok to put 20-30% down. Don't want to move my personal and commercial bank accounts from current bank. No prepayment penalties. Thanks in advance for any suggestions!

    Hi Andrew, DSCR loan is most likely going to be your best bet here. You most likely land anywhere between 25 and 30% down. The prepayment penalty is always associated with commercial loans unless you buy them out for a hit to the rate for fee paid to the lender. I generally don't recommend anything more than 12 months these days. Overall, however it looks like to be a a great fit for DSCR loan products. I'm happy to answer any more questions!

    [email protected]860-538-3672
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  • Jacob Sherman
    12 Penns Trail Suite 138 Newtown, PA 18940 · Member since 2023 · 1k+ posts · 319 votes
    2y

    Hey Andrew ! Happy holidays . My name is Jacob with Lendbright and we are a direct national lender specializing in bridge, fix and flip, ground up construction and DSCR going upto 100 units ! We are no income no doc and welcoming first time investors . Would love to assist you in the financing of your commercial property ! What is a good time and phone number for us to connect and discuss what the scenario is looking like ? I can be reached at 267-516-0896 [email protected]

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  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    2y
    Quote from @Andrew Dixon:

    Looking for a lender in Cincinnati, OH area or online. Probably single family but up to 8 unit. Title to be taken in an LLC so commercial loan. I've got 4 single family rentals producing 5200/month (no debt on them). Still have a w2 job over 100k. Ok to put 20-30% down. Don't want to move my personal and commercial bank accounts from current bank. No prepayment penalties. Thanks in advance for any suggestions!


     HoltonWise has lenders who can help you out in Cincinnati. Shoot us an email.

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