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Updated over 7 years ago on . Most recent reply

User Stats

184
Posts
48
Votes
Robert Lindsley
  • Real Estate Investor
  • Orlando, FL
48
Votes |
184
Posts

Recommendations for a long-term loan for multifamily building

Robert Lindsley
  • Real Estate Investor
  • Orlando, FL
Posted

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.

  • Robert Lindsley
  • Most Popular Reply

    User Stats

    160
    Posts
    98
    Votes
    Jason Arcuri
    • Real Estate Agent
    • Southbury, CT
    98
    Votes |
    160
    Posts
    Jason Arcuri
    • Real Estate Agent
    • Southbury, CT
    Replied

    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. 

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