Advice, funding for commercial multi family

[John Wilson]

Has anyone ever used velocity? I contacted them for funding on commercial multi family Propertys. They informed me they do not deal directly with investors,and that they only deal directly with brokers. From that point, they put me in contact with the broker, and he’s telling me he can get the funding for me. The only criteria that they need is ,for me to have at least 680 FICO , which I have, 25% down, closing cost, six months reserves,  For 30 year fixed ,at 5% interest.  He’s saying no business tax returns , and his fee is 1% on the loan amount ,not the Total purchase price.   

[Brad Hayden]

I have worked with Velocity as a broker and have found their process to be fairly straightforward. Keep in mind that like most lenders, the final underwriting may not exactly match the initial estimate. Once you submit everything and they appraise the property, things may change. 1% of the loan amount is fairly standard as a broker fee.  Good Luck!