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Updated about 4 hours ago on . Most recent reply
Timing for acquisition of lending
Hi everyone, thanks in advance for the replies
I'm beginning to look into multifamily property and I'm a newbie. So simple question (hopefully):
Should I talk with a lender now before I have any properties on the table or wait until later in the process? I don't want to waste anyone's time, but I don't want to miss an opportunity because I'm not prepared.
Thanks
Most Popular Reply
Absolutely talk to a lender now. When it comes to financing multifamily, your experience, financials, and team all factor into the approval, not just the property itself. Getting pre-qualified or having a lender relationship in place will give you clarity on:
(a) What size/type of deal you can realistically pursue
(b) What kind of down payment and reserves you’ll need
- (c) Whether you need a co-sponsor or key principal if you lack experience
- (d)The loan programs available to you based on your profile
- Chris Seveney
