What type of lending/loan works for this oddball property?

[Yvonne H.]

Looking at a property that needs rehab--a 7-unit property. Purchase $300K, rehab $100K. So far the lenders I've spoken to aren't a good fit. Either they only lend on 1-4; or if it's >4 units, minimum loan is greater than what I need; or they don't have minimum loan amount but won't do the rehab financing, property has to already be fixed up; or they only do as-is and I must finance the rehab on my own.

Any suggestions would be helpful.

[Chris Mason]

Originally posted by @Scott D Burrows:

@Yvonne H.

Not sure how this works. 

However, I think your best bet would be to check in with @Chris Mason

Guessing this will need to be a commercial loan, which is why it is probably tricky. Commercial loans, in general, kinda blow :( 

 Yup, this is a commercial financing scenario. Not my wheelhouse. Lima One might be a good place to call, based on what other clients of mine have used after moving into the commercial world. I get a bunch of spam related to commercial financing (technically my license allows it) but never read it.