Funding for commercial multi-unit

[David Rodriguez]

The alternative to banks for single family and 4 Plex is hard money, it has made my life a lot easier. Now I want to buy a 6 unit residential, but I'm having a hard time getting funding from the usual sources, what are some alternatives or ways people have fund 5 to 12 unit apartment building?

[Ryan Davies]

DSCR could be a great option for you. If you're doing hard money most of our investors do as follows:

• Rates: 10% to 14% (Most Deals are 12%)
• Terms: 1 Day - 24 Months (Most Deals are 6 months)
• Fees: 3-5 points(%) of loan amount (Most Deals are 3 points(%)) - $2500 minimum fee
• Minimum Loan Amount: $75,000
• Max Loan: 65-70% of After Repair Value(ARV)
• 100% Rehab Financing Available (Most Deals require 10-20% of purchase price down or cross-collateral)
• Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 7-10 business days)
• NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.