Here is what I’m trying to accomplish.
I have an investor who owns 8 condo units in 1 complex. Were trying to wrap all of the units into 1 commerical loan. I have talked with a few commercial lenders out there and they say it can be done. However they don’t like the fact he must go stated. Here is the scenario:
755 Fico
Stated S/E
Non Owner Occupied
Non Warrantable Condo’s
8 Units want to wrap into 1 commercial loan.
60-75% LTV anything around there is fine
Cash-out
Liquid assets of about 1.2-1.6 million
All Currently rented
Loan Amount would be 250K - 350K
Any ideas of who might be able to do this. An HML won’t work because the rates are to high he has residential financing now but he is getting killled per unit because the loan amounts are so small. Each unit is worth about 75K.