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Updated about 3 years ago,
Looking to buy a 5 unit apartment residence
I am looking to buy a 5 unit apartment building in Romulus, Michigan. Since it has 5 units I have to get a commercial loan to purchase the property. The seller is asking $260,000. The issue I am having now is that the banks that I am requesting the loan from, state that the minimum amount they can loan on a commercial property is $500K. Does anyone have any insight on how I can a commercial loan for $260,000.