All Forum Posts by: Prasad J.

@Danielle Sullivan I'm interested in the property, can u share the proforma/expenses of the place.

@Gino Barbaro great points- how do you find out new inventory coming online, and new demand ?

David Thompson where can we find info about job and local economy growth for any given city.

@Michael Kovac is this still available? can u reshare the proforma, the link has expired

@Kyle Doney are u asking 55% rents for property management and finding this deal?

@Kate Hall I'm interested too, can you send me more info on the deal

Still looking for lenders even private lenders for property priced 400k, can bring in close to 30% as down payment. No history of pnl on property available but cash flows well with current leases. Ps: no hml lenders or lenders at 7% + interest. Looking to hold this for a few years

@ernest 

@Ernest Rosenberg yes it is non owner occupied residence

Originally posted by @Mike Wood:

@Prasad J. Commercial loans are different from residential loans, and as long as any of the building is commercial, it will not be a residential mortgage.  It sounds like you are unfamiliar with commercial loans, so it would be best to talk to a local commercial loan officer.  Given your time frames, I would caution against perusing this.

While I think most lenders that do commercial loans could close in 5 weeks (there is less regulator stuff with commercial loans), there may be issues that pop up.

Terms on commercial loans are typically much different, mostly 5 year ARM's with 15-20 year amortizations.

 @Mike Wood Do you know the commercial loan lenders who would lend around 300k, lot of them seem to be more than a million. Also most of them seem closing in 60 days, is that common in commercial loans?

I'm looking for commercial loan on a mixed use property with 2 office spaces and a residential unit. Any recommendations for commercial mortgage brokers or lenders based in Washington. The purchase price is 398k.