All Forum Posts by: Orlando Oliva

Thank you @Christopher Lombardi @Stanley Bronstein @Ellie Perlman @Yossi Lurman @Account Closed I truly appreciate your insight and suggestions.  Will make sure to check out both Costar and Yardi 

Hi all:

I'm currently in the market looking for an online database that provides commercial real estate information such as the properties details, owner contact information, owner phone number, owner mailing address, owner email and potential loan information such as loan maturity date if the property has a mortgage.  Can anyone suggest effective platforms they use and are satisfied with (because the system provides accurate information)?  I've tried a handful, but most aren't accurate especially when it comes to the owners contact info.  Thanks in advance    

@Hassan Muhammad All great answers above. Remember that in financing a commercial property the most important thing is the cash flow generated by the property. As mentioned above, most lenders require a minimum debt service coverage ratio of 1.25x; however the Freddie Mac Small Balance Loan calls for a minimum DSCR of 1.20x. You may or may not be required to guaranty the loan based on the type of financing you choose, but experience is imperative. If this is your first commercial property, adding a property manager that has experience with multifamily in the market you are looking to invest in can help mitigate the lack of experience. You can also choose to partner with someone that has already invested in multifamily (with more or a similar amount of units) to help you qualify for financing of your first one. Bank's typically require a minimum credit score of 670, while Freddie Mac's minimum credit score is 650, consisting of the average of the 3 credit rating agencies or the lowest of two agencies. Its best to not have any bankruptcies, foreclosures or short sales, but if you do, you'll need a good 7 to 10 years to pass so that the aforementioned can be cleared from your credit. Generally you'll need about 20% to 30% down payment, you can estimate closing at 3% to 4%, and you'll need reserves of approximately 9 months principal and interest payments or about 5% of the loan amount. Hope this helps. All the best.

Orlando