Loan Structure for 16 units in CA

[Martin Ceja]

Looking for insight on loans for 16+ unit apartment buildings in CA. What kind of loans are investors getting at the moment? 30 year, 15 year, balloon? Usually work with 1-4 unit properties so not sure what types of loans are used for larger properties. All insight welcome. Thanks! 

[Raju Balakrishnan]

Look for Fannie Mae or Freddie Mac multi family apartment. You may look at the web page or talk to a lender or rep to understand their basic underwriting criterion on DCR, Net assets, down etc. There is no pre-approval. Many loan agents will be grad to take a look at the property and let you know.