Multifamily Commercial Lending?

[Rob Beardsley]

Hi,

I am looking for a multifamily commercial lender or mortgage broker based in northern California. So far the local banks I have talked to require the members of my LLC (will have investors along with me in the deal) to guarantee 50% of the loan. This is impossible for me. Preferably I'd like to learn how I can acquire an interest only non recourse loan to take down a $2-$5 million dollar multifamily property. What is the best route for me to make this happen? Thank you!!

[Eric Schleif]

Freddie Mac SBL or Fannie Mae Small Balance are both excellent options. You won't get full term I/O but assuming you are in a standard market, you will be able to get 80% LTV, 3 years I/O and then a 30 year amortization on a 10 year deal. They are non-recourse loans except for the standard badboy carve outs. Any investors in the LLC with over 20% equity in the deal will have to submit to a credit underwriting and sign the bad boy carve outs with you. Let me know if you have any questions.