Best current commercial lending options for small/mid-sized apartments?

[Andrew Bosworth]

I am considering a 12 unit multifamily property in my home market of Harrisburg, PA. 

I am looking for recommendations for best financing options.

The owner is considering financing it, but until they agree, I am planning as if they will not do so.

The local credit union I use, who is very investor friendly, is unable to lend on properties larger than 4 units right now.  Other local lenders I have used recently do not have very favorable terms.  This is limiting my options.

I have never utilized the multifamily lending products offered by Fannie, Freddie, etc., so I would be interested to a) hear other BP members' lender recommendations for this sized property and also b) other members' experiences working with Fannie, Freddie, etc.  

This is a fully stabilized property, with upside in rent in a B+ location.  The loan would be $1M+.

[Deborah Wodell]

Hey Andrew, for a 12-unit property, traditional lenders like Fannie and Freddie could be great options, especially if it's stabilized with a strong upside. If you're looking for more flexibility, there are also other commercial and multifamily lenders that could work well with your needs. It's always worth comparing rates and terms, as some lenders might be more aggressive with loan-to-value ratios, depending on the location and property condition. Also, a few private lenders or hard money lenders might have some more creative terms for multifamily, especially if you're open to considering that route.