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Updated almost 12 years ago on . Most recent reply
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Very Basic Question About Commercial Lending
Hey guys, I am sure this is a naive question-but is getting a loan for an apartment building just as difficult if not more than a home?
I recently talked to someone who told me that on apartment complex loans banks look more at the rental income numbers. I doubt its that simple.
Basically is it the same exact stuff as a home loan: good credit, bigger downpayment and you have to have w-2's? Of course along with numbers to back up the apartment complex is a good investment.
I was recently made aware of a apartment complex going into foreclosure-I have good credit, money to put down, however recently became self employed and I am sure the 2 year rule applies....any input would be appreciated...
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It's basically the same. Except the bank will look a lot harder at you and the property. Also the banks will have slightly diffferent underwriting and lending criteria.
They may be hesitant about your lack of experience, but you could overcome that with an experienced partner. They may or may not be lending on the type of property you are looking at.
It's true that they want to see strong income out of the property, but they'll also look at it like lending to a business. They want a strong balance sheet, income statement, management, and reserve funds.
All this said, it is doable. Everyone in commercial gets a first deal/loan, and you can too.