Updated about 9 years ago on . Most recent reply
Need a mulit-unit lender in NJ
Here's the situation. I own (through an LLC) a three unit rental building in Jersey City, NJ. The building is now (as of 7/1) completely rented. Neither the building or the LLC is carrying any debt. I am looking to get a cash out mortgage on the property.
I've been told the fact that building is owned by and LLC is an issue. Are there lenders that will work with this? ideally I'd like 75% LTV. The terms I was expecting was 30 amortization with a 10 year ballon. I am open to other options.
Who should I be talking to? Also, should I wait a few months to show cash flow and firm up my NOI numbers?
Most Popular Reply
Try Bayonne Community Bank they leant 75% to me and a partner purchasing as an LLC for a five-family in Bayonne. You can PM me and I'll send you loan officer's contact info.