Updated about 2 years ago on . Most recent reply
Looking for a lender on a tricky property
Looking to finance the purchase of a multifamily property being used as a rooming house. That means they are renting it out by the room. There are 50 units with most of those of it being by the room. Each room has a small kitchen but they share a bathroom down the hall. Most of the banks I've talked to have said variants of "we don't finance if they rent by the room." I tried a dozen private or hard money lenders and most of them said the same or that they don't do more than 8 units commercial.