Is Anyone still doing Commercial Lending??

[Matthew John]

I have a fully occupied 6 unit Apartment Building under contract in the suburbs of Detroit. 

I've called ~20 local banks and credit unions with almost no luck at all. Either they are not doing any new loans right now or have 3 month closing times. 

I have funds for a down payment. In it's current state, the property is nearing hitting the 2% rule as far as price/rent ratio. 

This property is NOT located in Detroit. It's in the suburbs in what I would consider a C+ area. 

The tenants are all on Month to Month leases. The Seller has owned it nearly 30 years and has had some of the same tenants for 15+ years. Some of the units are renting almost 40% under market value!

My contract is good until July 26th. 

My backup plan is to buy cash using private money and refi with a bank after it's stabilized, but I would prefer bank financing first. 

The purchase price is under $200k. 

Are there any lenders (not hard money) out there what would fund this type of deal? 

[Charles Carillo]

@Matthew John

I would suggest going back to the seller with owner financing; with a 24 month term, no prepayment penalty and interest only loan (4%+). Honestly, if you cannot get it financed, probably most other buyers can't either. I would also start reaching out to commercial brokers.