Large multi family funding

[Andrew Smith]

I recently stumbled across a 12 duplex 24 unit property that seemed like a good deal. So I got to thinking about how I would fund the deal if I decided I wanted it. So I was wondering where would I go for a loan like that (price tag is under a Mil) and what would the qualifications be like for big multi family properties like this. What is the normal down payment for this type of property.

[Todd Dexheimer]

Originally posted by @Joel Owens:

24 unit is tiny. Under 1 million is tiny. Hard to find lenders under 1 million after down payment.

Andrew, there are a ton of local banks that would lend on a deal like this. A loan on a 24 unit package will be very easy to find. I would start talking to the banks that are near the property. Talk to the credit unions and banks with only branches in that MSA. You can also try some national lenders, but they can be a lot more difficult. I have around 50 properties with loans under $1M and they are almost all with local banks/CU's. US Bank is the only national bank that I have successfully used.