Commercial loans under 1 million

[Tammy Skeath]

Hello BP! I’m trying to purchase my first commercial property. It’s a 7 unit building for $800,000 in Fl. We own some duplexes in Fl and a quad in CA so up to know have only needed residential loans. I’ve been a little shocked at how difficult it’s been trying to get a loan for this 7 unit. My husband still has a W2 job so we make very good income and we are not over leveraged. We are putting 25-30% down on each property we own but every broker I’ve spoken to has either ignored us or told us that they couldn’t find a product in commercial for under 1 million. The best I’ve been able to get is a portfolio loan from local bank but the interest rate is too high for the deal to work (5.38%). Any tips on how to get a commercial loan for 800,000 at a decent interest rate (3-4.5%)? I’m not sure what I’m doing wrong are all the banks just swamped? Appreciate your guidance! 

[Tammy Skeath]

@Alex Bekeza thanks good to know it’s not me! I’ve got one more broker taking a look today but it seems to be the consensus that bc of the loan qmount my interest rate is going to be some what higher. 
@Peter Nikic yes that’s what I thought too! I’m going to see if I can make it work. 

thanks all for your feed back. Much appreciated!!