Multi-Family Real Estate Loans

[Justin Olson]

Hello. I'm currently researching how to get bank financing for multi-family properties. I'm referring to 5 units and up. I have a few questions if anyone has gone through this process before. I have other properties I could sell and some additional liquid assets for this project. I understand how to analyze the deal, it's the bank piece I'd like to understand better. I appreciate the insight!

-Would it be better to locate the property first, then secure financing? Or work with a commercial real estate agent, then financing, then property? This is different than traditional house hunting so I'm trying to better understand the process.

-What kind of interest rates have you typically seen? 

-Are parts of the loan negotiable? I mean down payment, interest rate, payment terms, closing costs? Or is it typically a set expectation? 

-I'm in Pensacola, Florida if that helps

Again, thank you in advance for your insight.