How easy is it to find Refi an Apartment ?

[Pragya Singh]

Hello Fellow Investors

We own a 32 unit apartment in Arkansas. We bought it for $75K and spent approximately $400K in the rehab. 

We are now looking to Refinance it with a commercial lender or bank and are finding it hard to locate lenders who can can lend that amount. Most of the banks we get in touch with say they have a minimum of $1M loan for apartment complexes. Are we doing something wrong here?

[Charles Carillo]

@Pragya Singh

Contact all of your local banks and credit unions. It sounds like you are looking for a traditional Fannie Mae non-recourse loan that might not be available to your property.