Financing for first 5-20 unit apartment

[Ryan York]

So we're looking into our first apartment complex and we keep running into an issue. Realtors keep asking for proof of financing in order to give us any useful information. From what I've read, at least a good portion of bank financing is based off the property's metrics. How are supposed to obtain commercial financing before getting any real information about a property? What am I missing?

[Brie Schmidt]

@Ryan York - commercial financing is not totally based off the financials for the property.  You need to complete a PFS with the bank (personal financial statement) and have them review your capabilities.  So I would talk with banks and use a deal you are reviewing, go through the process and see if they would loan to you. 

If an agent asks me for proof of financning my bank will give a letter that I am an established client and I can purchase a commercial asset.