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Updated over 3 years ago on . Most recent reply

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Rita Naga
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Best Lender for low NOI purchase

Rita Naga
Posted

Hello! I have a property I’m in escrow on. The property is 2.8 Million & I was planning on putting 800k down. So need a 2 million loan. 

The issue is the property has been poorly managed, and Net Income is only around $86,000. I expect this to go straight up, as rents have been $595. But should be at $995.i Expect this to turnaround within a year of owning it.


Agency, Credit Union, or Regional Bank? Which one would be Able to get me closest to 2 million? My understanding is there are “relationship” banks, who would be more willing to  lend based on relationship. Does that mean they will lend more even on a commercial loan?

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