Financing for <$700k multifamily with more than 4 units
I am looking at a property that is for sale for about 750k and is a 6 unit apartment complex. I think it is an excellent property but my question is what are my options for financing? Seems like a lot of products want a loan balance of more than 700k-$1M and this one is just a bit small for that. Local banks in the area have quoted me very unfavorable terms like 5 years with high interest rates relative to what else I am seeing in the market.
Most Popular Reply
It is slightly more difficult to get a commercial loan that is sub 1mil. If you have exhausted your local banks, I would recommend a mortgage broker. They are able to get better terms and options because they have a relationship with different lenders.