Updated over 2 years ago on . Most recent reply
Input on 20-plex Multifamily
Looking for input on financing structures for a 20-plex. All units are rented and I have P&L and detailed expense list, rent roll, etc.
I'm experienced in 1-4 unit residential, but this would be my first larger multi.
Would there be benefits to talking to a local bank/CU or just getting terms from a few commercial lenders?
Thanks
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#2 Multi-Family and Apartment Investing Contributor
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#2 Multi-Family and Apartment Investing Contributor
- Rental Property Investor
- Philadelphia
@Kristi Miller - Not sure how many local banks/CU you called/inquired with, but I typically get rates from 3-4 to get a sense of what might be offered in the aggregate. Some of banks I spoke to recently were 7-7.5% so the 8.25% you were quoted sounds a bit high to me. I think it's worth it to call a few more, or reach out to a broker. I also know the larger brokers (CBRE, etc..) do have connections with local banks that can help. Good Luck!