10% down on a multi and sba for residential commercial

[Lillie MAnon]

I came across a real estate broker awhile back, can’t remember where I got his info but I’ve spoken to him a few times and just recently presented a deal. He’s out of state so I cant just go meet him He seems very knowledgeable about real estate but I don’t want to be burned tying up a property and potentially losing my deposit and the deal. He says he can do an sba loan on a non-owner occupied all residential commercial building with just 10% down. That Iss unheard of. He wants an upfront fee of $795 and he says it gets credited at closing. I’ve always been told to be wary of people who ask for upfront fees. He also says his company doesn’t do an appraisal, the do AVM. I thought it could be a fishing scam because he asked me to fill out an application upfront. There was another broker that I’ve spoken to in the past who seemed to be offering too good to be true terms and some information that I found out later was not true. I met him on craigslist. Anyway, once he got my application, I never heard from him again. I’ve been watching my credit. Anyway now I am very wary. When something seems too good to be true, it usually is. I purposely didn’t include my social and instead put a screenshot of my credit report and that was enough to get started at least. He has a broker fee, 5.5% interest, 5yr lock on rate with float, 3 yr prepayment penalty. He says most of the closing costs could be rolled into the loan. Terms aren’t amazing but if I could get into a 6 unit with only 10% down, I would take it and refinance later. His name is Ken Willman with First Commercial Capital out of Cincinnati, OH. Can anyone vouch for him? Can anyone speak as to the validity of the sba loan claims because everyone I speak to says no way, not possible.