Hello Fellow Investors
We own a 32 unit apartment in Arkansas. We bought it for $75K and spent approximately $400K in the rehab.
We are now looking to Refinance it with a commercial lender or bank and are finding it hard to locate lenders who can can lend that amount. Most of the banks we get in touch with say they have a minimum of $1M loan for apartment complexes. Are we doing something wrong here?
@Pragya Singh where is the property located?
you bought it 32 units for $75,000??
it doesn't sounds right what they say, which banks did you talk to?