How to finance a MF with family - $2.65 million

[Arvin K.]

Hi BR,

A MFR was posted recently near us, and I was interested on what we would have to do to obtain financing on something this large. Specifically, what do banks/lenders look at to approve a loan this large.

If we were going in as a family, 4-6 incomes to finance this, is this sufficient? 

How much cash do we have to pool together approximately? 

What other factors to consider for the lender/bank?

The units are 100% lease (see below) - will this income be considered for financing?

We would offer less, as it has been sitting for a while unchanged. It is 29 townhomes, which are 100% leased. They advertise a 7% cap rate for 2016, but I do not know expenses. Rents are between 700-950, they advertise a 950 market rate for 2017 rents.