I’m interested in a few different appartment complexes in my area. I’ve been a single family houses landlord for about 12yrs. but I really no nothing about commercial property financing. Can you briefly explain and possibly recommend a lender? I’m in northern Ohio. Thanks
It depends on the loan size.
A few that we like are:
Real Business Loan :beer
I’ll go over some options for you that are available to you in OH:
- 97 LTV-Owner Occupied-FULL DOC
- 95 CLTV-Investor-FULL DOC
- 90 LTV-Investor-FULL DOC
- 90 CLTV-Investor-NO DOC
Lenders categorize their loans by security property type as follows;
-single family (1-4 units)
-multi family (5+ units)
-commercial RE (strip centers, offices etc.)
You should really do your homework… Lenders are out there to make fees, not help you with your investments. Ask a ton of questions. If they’re not willing to help you when you’re not a client, do you think they’ll help you when you are actually a client?
just go to one of big banks like Bank of America, Chase, CIT…they all do commercial loans
Ok. You say might be able to do a 90% LTV on an appartment complex?
Yes—There is a rich pocket of 90 LTV lenders/loan programs in the marketplace…