for 1.6 million dollar property with 8 rental units?
i know about intrest only, and arms, and fixed and smart loan.
please educate me..
thanks
2006-11-01 06:00:31 · 4 answers · asked by Eva Daniel Rn 4 in Business & Finance ➔ Renting & Real Estate
Previous answer is correct in that this is a commercial loan rather than residential. There is a much more involved process in qualifying for the loan because, in short, not only do you need to qualify for the loan, but the building itself needs to qualify as well for lack of better terminology. Many lenders will want to see not only your income but also the tax records from the previous owners showing the income of the building...the Schedule E, which you should want to see as well if you are considering buying.
One option that is more common on commercial property is for the current owner to do what is called a carryback, where in order to finance more of the building, they will hold a mortgage for anywhere between 5-20%.....that's a general rule, you may be able to convince them of more....and the terms of that mortgage would be between you and the current owner.
Any commercial loan officer should be able to help you out.....make sure you intrview several and go with one that has been in the business long enough to know all the ins and outs. Also make sure you go with one that specializes in Commercial properties versus residential. If you know a good residential lender, they should be able to refer you to a commercial lender.
good luck!
2006-11-02 15:56:37 · answer #1 · answered by julsells 2 · 0⤊ 0⤋
Residential investors will only finance up to "4 doors". Anything above that, such as the property you are interested in, is considered commercial property and the financing is another world from normal residential financing. The financing criteria is totally different.
Things like property cash flow analysis, condition, rental history, and marketability are all factors.
2006-11-01 08:32:27 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Thats a whole nother ballgame. Greenoint will do the right hting if you have 20% down. if not delta funding will work with you. i would go to a broker. topdot.com say.. really. i got a loan from them. they do everything for you. i only answered in this section because it popped up and i jsut closed on my hosue. anthony gagliardi was my loan officer.. 718-661-5113 ... tell him freddy russo sent ya.. theyre nationwide too so dont worry if youre in florida or soemhting.
2006-11-01 06:39:29 · answer #3 · answered by greg v 1 · 0⤊ 0⤋
I am located in Idaho, but I do know of a mortgage broker who is licensed in all states and could probably get this done for you or at least educate you somewhat on what you are looking for....let me know if you would like his info
2006-11-01 07:17:55 · answer #4 · answered by Idaho Girl 2 · 0⤊ 0⤋