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Updated over 10 years ago on . Most recent reply

Ben W.'s profile image
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Ben W.
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  • from Brooklyn, New York
  • Member since Dec 13, 2014
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Ben W.
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  • from Brooklyn, New York
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Ben W.
  • Investor
  • Brooklyn, NY
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Multi-Family and Apartment Investing

How to finance class B property

Ben W.
  • Investor
  • Brooklyn, NY
Posted

I was looking for advice on how to refi a 12 unit multifamily I purchased recenly in New Jersey. Currently, the previous owner is holding note. There are 3 structures on the property totaling 12 units 100% occupied. Is the Fannie Mae small loan a good option?

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Pavel Sakurets
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Pavel Sakurets
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Pavel Sakurets
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  • Minneapolis, MN
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Pavel Sakurets
  • Investor
  • Minneapolis, MN
Replied

Do a search online "multi unit lenders in your city" and contact them. Also contact local community banks, they are fighting to get small loans.

Most likely they will finance it at .75 LTV and the value will be based on NOI and cap rate and not on market value since it's a commercial property.

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