Loans for Multi-Family Commercial Property (Apartments)

[Christopher Goll]

Hi there.  I have been a rental property investor for a couple years now and I have utilized mortgages to purchase 1-4 unit properties.  I am not interested in a larger multi-unit property but I am not sure where to go for lending options.  We are talking 400K - 750k priced properties.  Any suggestions?

[Jonathan Bombaci]

Do you have other property in the area or a property manager lined up? Try credit unions local to the area you’re investing into. Be prepared to talk numbers and have a deal lined up so they know you mean business. When they find out you’re an out of state investor they may be Leary to lend but by having the name of a local property manager that you plan to work with or by saying “I’m looking to add to my existing portfolio in your area” you should be able to overcome the you don’t know this market objection. 

I am investing out of state, granted it’s only a 2 hour drive from my house. I just walked into the 3 credit unions on Main Street in the town I was looking to buy in with all my loan docs and a bigger pockets proforma on the 5 unit I had under verbal contract (calculators are great) and 2 of them started competing for my business.