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Updated over 7 years ago on . Most recent reply
Has anyone tried a Freddie Mac MuliFamily Small Balance Loan
Has anyone tried getting a Freddie Mac MuliFamily Small Balance Loan? I am looking for an investment opportunity in the Mecklenburg county area of North Carolina and need Funding. I am try not to go with Hard Money because of the high interest rates. I was reading one of Mindy Jensen's blog posts and seen the Freddie Mac Multi Family Small loan add. Any information and tips would be highly appreciated. This would be my first commercial loan I do not have any Residential loans
http://www.freddiemac.com/multifamily/new_standard/sbl/
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#2 Multi-Family and Apartment Investing Contributor
- Rental Property Investor
- St. Paul, MN
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#2 Multi-Family and Apartment Investing Contributor
- Rental Property Investor
- St. Paul, MN
With no experience it will be hard to get unless you bring in partners. You may get by if you have good net worth and liquidity and have a solid and experienced property manager. Freddie Mac SBL is for loan amounts over $1mm and they will want 90%+ occupancy with no major deferred maintenance. If they building is out dated, that may be ok.