Been talking to a lender and heard that there is a requirement on a 51% occupancy requirement on the owner. is this a requirement from the lender or SBA?
What is the best way to finance a 10 unit building?
@Plaku Mere SBA loans cannot be used for buying non-owner occupied investment properties. On the real estate side, they are used for purchasing owner-occupied property (e.g., warehouse purchase for a manufacturing company). They can also be used for businesses to get working capital, equipment, inventory, etc.
The best way to finance a 10 unit building really depends on the situation and what you will be doing with it.
Thanks @Brian Congelliere. I wanted to buy and hold it. Ideally I’ve heard it’s best to find smaller lenders Who would do it as a portfolio loan. But the ones I’ve talked to want at least 25% down.