14 Unit Apartment Financing

[Jason Green]

Looking at a 14 unit apartment complex in 3 buildings. NOI is really solid. List price is $550,000. Question I have, what would financing look like on a multifamily deal? Should I just go to a local bank or seek out FHA money? Thanks in advance.

[Chris Cambridge]

No FHA is too expensive at this price level. I mentioned in a prior post there are stated commercial programs out there that can go up to 75%. The rates are more around 7% to start.

There are other options with lower rates and comes with prepays. These are best for metro areas in building without section 8. Basically clean deals get best options.

By the way are these all apt buildings or is this 2 apt buildings and a multifam residential?