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Updated almost 7 years ago,
Super cheap multifamily problems
Hey everyone!
So I have a small issue. I found a good deal. essentially an 8 unit apartment building near pittsburgh. I can buy it for about 40k and it will take about 40 or 45 in repairs to bring it to where I want to.
But I am struggling to find a lender that will consider a loan that small for a building with 5+ units. I wanted to know of anyone can point me in the right direction? I am alternatively pursuing a personal loan but would rather finance with the commercial investment loan.
Down payments are not a problem, I just feel like I found a great deal but it's too small for most lenders.
Any thoughts?