5 Family Financing

[Mark Turner]

Hi, I'm looking for some suggestions on financing for a 5 family. I have funding available locally for residential mortgages from 1-4 family. I have home equity options on my primary as well. However, on the property itself...once it hits 5 family, the banks want me to look at commercial loans. I have not worked with commercial loans in the past.

I'm looking for a suggestion or guidance on what terms are acceptable. The casflows for the home are positive on 15 and 30 year money on traditional mortgages. What should I expect to see when I meet with commercial lenders? and are there any locally or nationally that you recommend? I'm in New York (Upstate).

I appreciate your feedback.