Loan scenario: OK, $500,000, , 75% LTV, Purchase, full, OO
Property type: TTF
Loan purpose: Purchase
Having some trouble finding commercial money for a 4 unit apt complex. Any help is appreciated
by Sooner Nation November 28, 2012 3:20 PM
Why would you want a CRE loan when you could feasibly get a residential loan instead?
Typically, lenders consider 5-unit apartments and up as commercial, not 4.
by TheMaineEvent November 28, 2012 3:29 PM
simplicity has led me to borrow hard money and or commercial
I can get the hard money
Just looking to have options, if there are any
by Sooner Nation November 28, 2012 3:48 PM
TheMaineEvent is spot on, as usual.
This should be a residential loan. NOT commercial.
Is it really Owner Occupied? What about FHA?
by TheKyle November 28, 2012 4:08 PM
I don't care if he's spot on
I wouldn't use a residential lender or their ignorance of common sense lending which is why I posted the "commercial" aspect and if you're so brilliant with lending maybe you can just answer a simple question instead of telling me something I've already been doing???
Good luck with your business,
The owner occupied wasn't my concern so I just clicked through. Most UW's catch that early on so maybe there's hope for you
by Sooner Nation November 28, 2012 4:20 PM
The FHA option was a thought since the DP was minimal but there's a potential to buy all 4 "fourplex" units
Thanks for the advice
by Sooner Nation November 28, 2012 4:31 PM
You only collect "UPFRONT" fees at close?
2% & 90 years?
Where do I sign?
Is this the common level of knowledge on this site?
by Sooner Nation November 29, 2012 12:14 AM
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by zenith November 29, 2012 4:42 AM
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by TIMSUB November 29, 2012 7:19 AM
Thanks for the assistance to the first two posters. I found what I needed locally but is this site a direct pipeline to Nigeria?
Two minutes of due diligence and I'm really laughing at the responders that showed up
by Sooner Nation November 29, 2012 10:54 AM
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by bo2012 November 29, 2012 4:48 PM