Chicago - Need Commercial Broker or Bank Recommendations!

2 Replies

Hello all,

I am looking to secure 85% LTV commercial loan on a multi family property in Chicago.

Anyone know any commercial brokers or perhaps banks in the area that provide these kinds of numbers?

If not, how about a Lender that works with Seller Financing in the purchase of such a property?

- Thanks!

David

@David Dovidaitis A realistic LTV from a bank is going to be in the 65-75% range. There are other lenders that go up to 80%, but it is difficult to qualify for. 85% is just not realistic from a traditional debt source in today's market.

Is the seller offering you financing?  Why not have them finance the whole note?

It sounds like you have a good deal, but are just short on cash.  I would suggest finding a partner that can bring in the needed equity.

If this is a 1-4 unit multifamily, there are lots of low-down-payment residential loans available.