Lender Recommendations For Rural 6-Unit Multifamily in KS
Looking for Lender Recommendations – Rural 6-Unit Multifamily in Kansas
I have a 6-unit apartment property in North Central Kansas that is considered a rural property, and I am looking for lenders that work with small multifamily properties in rural markets.
The biggest challenge I am running into is that there are very few multifamily sales in the area. People tend to buy these properties and hold them long-term, so there are very limited multifamily comps available for an appraisal.
The local lenders I have spoken with do not offer the fixed loan terms I am looking for.
Estimated value is approximately $350K–$400K.
Does anyone have recommendations for lenders that are comfortable with rural multifamily properties and limited comps? I would especially appreciate recommendations from anyone who has financed a similar property.
TIA!