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Updated over 7 years ago on . Most recent reply

Recommendations for a long-term loan for multifamily building
Hi there,
I recently bought a 7-unit multifamily apartment building in Connecticut with owner financing. The building was $400k and the owner financed $315k at 6.5% amortized over 26 years with a balloon at year 5. The building has been a great investment with terrific cash flow.
Unfortunately the owner has fallen ill. So he asked that I find alternate financing and buy him out of the loan.
I know there are multiple paths to get short-term financing but I'd like to explore options for a long-term loan. I've never dealt with commercial lenders/other long-term financing options before so I'm looking for recommendations. If you know of any lenders or have other potential options, I'd love to hear them!
Thanks!
Robert.
Most Popular Reply
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hey Robert, I've had great luck with local banks for commercial financing. I can give you some contacts but if you use a local bank, start there.