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Updated about 1 year ago on . Most recent reply

User Stats

52
Posts
15
Votes
Stewart VanValkenburg
  • Provo, UT
15
Votes |
52
Posts

Looking for a lender on a tricky property

Stewart VanValkenburg
  • Provo, UT
Posted

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.

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