Commercial Financing for property needing rehab
I currently own 3 small multifamily homes and am looking to jump into the commercial side. My current units are duplexes and triplexes. I want to sell these and purchase a big multifamily. I found an 18 family bulding that someone has started rehabbing and cannot complete. My question is what kind of loans are available to complete this purchase and repairs and what kind of down payment will be expected of me?
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The first questions that come to mind are, how much for the property? How much can you afford to put as a down payment? How is your personal credit? How is your business credit? Do you have a corporation setup? How much do you need for construction? There are a lot of factors that go into this kind of financing. For example if you do not have a strong personal credit, or a storng business credit score, you are gonna need collateral. Do you have any besides the 3 properties? And what kind of equity do you have in those 3 properties? A little more information and myself or someone else may be able to point you in the right direction.