Lenders/Brokers please chime in

OK, here is the deal.

My partner and I are looking to buy a 47 unit apartment bldg listed at $800,000. Good numbers to start and once we fill it , it will have great numbers.

Currently, the NOI is around 90k but once filled it will be around 115k.

Seller is willing to carry 30% at 8% fro 3 yrs 30 yr ammort.

I offered 650k with a seller carry back of 195k @ 8%

Most likely we will end up somewhere between 700k - 750k.

I have a 734 FICO score and my partner has 750 FICO and has owned property in the past.

We have 10% Down payment. So it would be 60% LTV to the lender.

Should we have any trouble qualifying for a low interest rate? Say 8% or under?


Update: Seller is willing to carry 15% and I have 10% to put down. So need a 75% LTV loan. Would like 30 yr amortization and a fixed period for atleast 3-5 years. Give me some examples of products you have at what rates?


You will not be able to find rates that low on the lenders first with a loan amount under 1 million.

and what would constitute as “that low”

8% or under. You may have already received some quotes and they are probably right around 10%.

If you have 10% to put down and the seller will carry 15% you should be fine with that fico score. Depending on the numbers for the building and what kind of shape it is in you may be able to do better than the 8% someone else mentioned, possibly around 7%. Call or email me if you’d like to discuss it further. Good luck.

Are you looking for a Stated or Full program? Stated will get a much better rate closer to 8-9% based on 10% down and 15$ 2nd. Are you looking for 15yr, 20yr, or 30yr amortized, this will also make a difference. If you are looking for 95% CLTV on a Stated program, 2-3yr amortized over 15-30yr, 8-9%, pre-approval within 72 ours let me know. Under 8% even with an awesome score over 700 is not likely unless you have 20% or more down.

What area of the country is this property in?

Some of the lower rate lenders don’t like to lend in Texas.

What kind of quotes have you been getting?