Confused.......

[Ali Sheik]

Ok, so I am new at this and need some advice. I have been notified of a possible 8-unit apartment building that will be available and up for sale. What I do not know is the price they will be asking. The realtor is to meet with the seller on Monday and is to get back to me with all the details next week (ie. price,NOI,CAP,etc). Once I have that information I will know for sure IF I want to bid and if so how much.

How does one approach a large bank to ask for a loan from the commercial arm of the lending department? With so many unknowns I almost feel like a fool walking in to the bank inquiring. I have also read that one should have a pre-approval in place for a loan prior to bidding on a property. For those of you with experience how would you go about doing this?

If I decide to place an offer is it possible to get financing in time to close or is this something I should have done earlier?

I hear of people approaching bankers with their spreadsheets/workup to get loans so I would think that not having a pre-approval now isn't fatal.

Too many variables making my head spin. Please advise. Thanks