Will Spence from Boston, MA posted over 3 years ago Hi BP, I'm looking to purchase 1 or 2 condos in the same building; however, the mortgage is probably not big enough to qualify for a loan through most banks/credit unions (under $50k per unit). The 2 condos together definitely would meet most minimum thresholds, but I was told by 2 credit unions that each unit would need a separate mortgage (no blankets) which brings me back to my original problem. Has anyone run into this issue before, and if so, how did you solve it? Thanks for the help,Will
William Smith from Riverview, Florida replied over 3 years ago I'm in the same boat. I've been getting chopped down left and right. The only company that would finance me required 50% down plus closing. And proof of six months carrying cost at closing. AND 13%.
Moshe H. Rental Property Investor from Ramapo, NY replied about 3 years ago Hi @Will Spence , I know your question is several months old but I just wanted to say I have found that even if traditional mortgage lenders won't lend on these small purchases, some commercial lenders might. Specifically, I know a mortgage broker in MA who has a commercial lender that would consider a 30-year mortgage at like 8.5% on a case-by-case basis. Let me know if you want his info.
Bivi V. replied over 1 year ago Hi @Moshe H., I have a multi-unit apartment building, in a better location, in good neighborhood, in a town near Springfield, Massachusetts; which I am now trying to Re-finance by a Commercial Lender, to pull my cash for other new real estate investment in the area. Did not finance from any bank for purchase in and rehab in 2014. Can you suggest anyone now ? Your post is almost a year earlier, but just thought would explore.