Commercial Financing in Detroit

[Matt Burr]

I live just outside of Detroit and have been working on trying to buy deals in Detroit. There are plenty of Duplexes available but I’d like to get commercial units (over 4). The issue in Detroit is the values are not high enough to qualify for standard commercial lending.

An example was I found a solid fully rented cash flowing 9 plex for $245,000. I didnt have the full amount cash but had plenty for any down payment. I was never able to find a way to finance it before it was pulled from the market.

Anyone out there know of someone in Detroit to get in touch with to make sure this doesn’t happen again?