Best Lender for Apartment Complex

[Rita Naga]

Hello! I have a property I’m in escrow on. The property is 2.8 Million & I was planning on putting 800k down. So need a 2 million loan.

The issue is the property has been poorly managed, and Net Income is only around $86,000. I expect this to go straight up, as rents have been $595. But should be at $995.i Expect this to turnaround within a year of owning it.

Agency, Credit Union, or Regional Bank? Which one would be Able to get me closest to 2 million? My understanding is there are “relationship” banks, who would be more willing to lend based on relationship. Does that mean they will lend more even on a commercial loan?

[Chris Cambridge]

Not much details given. Units, location, condition dictates the program that works for each deal. This is a guessing game don't know what you have going on to help.