All Forum Posts by: Madison Carlson

Would love to connect! We work closely in the Portland, Beaverton, and Salem multi family/commercial markets.

Hi there,

I work closely with a large network of lenders. We have been doing business closely with apartment/commercial lenders for 20+ years. Would love to connect!

Hi there,

I work closely with a large network of lenders in Oregon. Now is a great time to refinance, as rates are low as I am sure you know. I have the ability to speed of the process for you, and would love to connect and get you connected with lenders in your area. 

It is not uncommon for a seller and their agent to require a pre-approval or pre-qualification prior to seeing a property. 
This is usually for the sake of not wanting to waste time, and the risks of working with buyers who end up being underqualified, and unable to obtain financing. I commonly wont shop with my buyer clients until they get a pre-qual. I always tell my clients shopping before getting pre-qualified is backwards. Why shop before knowing what you can afford? Not only can it waste sellers time, but also your time as the buyer. During the pre-qualification process, you describe your credit, debt, income and assets, to create an overall financial picture, and get an estimate on amount you are able to borrow. But a preapproval I agree does take it to the next level. Preapproval process is more extensive but does show you are a serious buyer. 

Regarding your question on what classifies a commercial property. A property with 1-4 units even though it is often referred to as multi family or "small-plex", is actually considered residential for the purpose of lending. In other words you finance them the same way you would a single-family home, with a residential loan. Multi-Family properties with 5+ units are categorized as apartment/commercial property therefore uses commercial lending which is more complex. This leads to the benefits and why 1-4 unit properties are so heavily sought after, as the financing and approval process is easier.

Hope this helped you a bit!