Looking for Small Banks and Lenders for Multi Family
I am looking at a five unit that is listed at $89K. Being a five unit I will have to do a commercial loan. I live in St Clair County Michigan, so local recommendations would be helpful, but I am not picky at this point.
Does anyone have any recommendations? Will any small bank or commercial lender do multi family homes?
I have 20% to put down....any help would be greatly appreciated. Thanks in advance!!!
Most Popular Reply
Lakestone bank will probably loan on that if you qualify but they say they need 30% down. I have many commercial loans with them. Also, that price sounds like Port Huron... Make sure it's a legal/registered rental with current rental certificates if it is Port Huron. I looked at 3 buildings with a total of 11 units plus a large garage in Port Huron for $110k but because of some vacancies PH would only allow them to be like 6-7 units total.