What are financing requirements on a Commercial apartment 8-24unt

[Chris Lynch]

What are the typical financing requirements for a mid size commercial multifamily. 8-24 units? I have heard many people talk about 25% down ect. But are there any other requirements on personal income. I know for single family residential approval is based upon personal debt to income ratios. So for a mid-size multi-family would they base it on down payment and income it produced? For example. If an investor had 150k to invest would that mean approval would be up to a $600k building? 

[Joel Florek]

@Chris Lynch I am buying a 16 unit multifamily right now and am putting $10k my own cash, $15k from a personal loan, $110,000 owner financed, and $550,000 from the bank. Terms are 4.85% fixed for 20 years with 5 year balloon. Factors considered: personal guarantee, LTV in first position, NOI on the property, my credit score, personal financial statement, @James W. if the bank(decision makers) likes you as a person, and some banks wanted a life insurance policy tied back to them on case the bus gets to close to me.

Local banks will be able to do more for you then a national will when it comes to negotiating terms and working with your situation. Good luck and let me know if you have any questions!