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Updated about 6 years ago on . Most recent reply
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Conventional guidelines regarding minimum property standards for small multifamily
A little background: I have four traditional loans right now and have found a lender that will go up to 10.
I walked through a Fourplex today that I would like to get a traditional mortgage on.
Two of the units have been rehabbed and the other two need a lot of work. The place also needs a new roof and windows.
I asked my lender if they do investor rehab loans and she said no.
She then told me that it needed to meet the minimal property standards. I asked her where I could find these standards specific to multifamily and if each individual unit needed a functioning bath and kitchen. She said she would get back to me.
Have any of you been able to get a traditional loan on a small multifamily that needed a lot of work without making the fixes prior to close?
Thanks for any and all advice.