Utilizing Small Business Loans for Multifamily Purchases

[David C.]

Fellow BP-ers,

I was interested in hearing from those who have used Small Business Loans (unsecured loans from Fannie Mae/Freddie Mac) to purchase their multiunit deals.  I would be most interested to hear about:

- How rigorous of a task the document submission process/review was to secure your loan and your experience with the process.

- The turnaround time for your loan.

- Best practices that you found enabled your loan process to run smoother and efficiently.

I would also invite those to comment who had applied for the loan, and perhaps used a commercial loan in the end to close the deal.

Thanks!