Seeking Financing for a 10-Unit Apartment Building: Recommendations Needed!
I'm in the market to acquire a 10-unit apartment building with a purchase price of $950,000. I find myself in need of a loan or lender who can provide a 25/30-year amortization with a fixed rate for the entire term or maybe with only a 1relock rate. Have any of you recently collaborated with a lender who offers such terms? what are the current interest rates?
Primarily, I'm leaning towards conventional lending, but I'm also considering the Debt Service Coverage Ratio (DSCR) loan type. Any insights or experiences with either option would be greatly appreciated.
If you've recently secured financing for a similar project or have recommendations for lenders who specialize in apartment building investments, please share your thoughts below. Your expertise could prove invaluable as I navigate this exciting but complex process.