Investor · Columbus, OH · Member since 2020 · 28 posts · 20 votes
Hey all, I have a duplex that has > $900/mo NOI, and am looking for a commercial loan with a 30-year amortization. It's in an LLC, so it has to be a commercial loan, but I'm having trouble finding anyone who will loan on a property worth less than $100k. I have a loan on it with a local bank currently, but it's an adjustable rate loan (after 5 years) with a 13-year amortization. The value is only $75k due to where it is (rural Ohio).
Anyone know of a lender who will loan on lower value (but still solid and cash flowing) properties?
Investor · Ontario · Member since 2015 · 486 posts · 250 votes
5y
Hey @Jason DeVelvis I have a lender for under 75k...Many lenders have the 100k minimum. Most all others have the 75k loan minimum. You need to work with someone who can lend on properties worth under 75k for when you appraise under that amount.
Lender · Columbus, OH · Member since 2020 · 85 posts · 73 votes
5y
@Jason DeVelvis might be tough sledding to find that commercial note which meets all your needs. From the sounds of it you're situation is prime for a conventional loan with the only caveat being the LLC. Any chance you could just deed out to yourself and take the note personally? Post closing you could deed back to the LLC. If the goal is to keep debt and financed properties off you individually then I get it, just a thought.