Need Advice on How To Find Funding

[Account Closed]

I found a deal that I have potential interest in. However I am having trouble on going about how I would structure this deal. It would be my first Commercial Multifamily Property. It's a 7 Unit that is priced for $450,000 with a 8.30% Cap. I am seeking advice from a seasoned commercial investor or from anyone who has knowledge on commercial loans. I know I can not FHA due to the fact it's commercial. Seems kind of difficult to break the barrier into commercial, especially when it comes to funding. Has anyone had the same problem. Thanks BP! Looking forward to knowledge from you all.

[Darwin Crawford]

Always, always, always at least ask for seller carry.  Just be upfront about your game plan and see what happens.  The worst they can say is no.  Most lenders on C-class want 35% down, some will go 30% but your rate will be higher.  

I'm in that boat now, closing a 8-unit with seller carry, and the bank was nice enough to give me their underwriting standards, so in 4-5 months when it looks better from a numbers standpoint, getting bank loan will be a cakewalk.