12 unit multifamily loan during covid-19

[Jonathan M.]

Will it be difficult for me to get a loan on a 12 unit apartment complex during this crisis?

I have been furloughed from my job, will it be difficult for me to get financed on an income producing apartment complex?

I have more than a 25 percent down payment.

 liquidity for to cover payments for a year

Over 800 credit score

Any good lenders to where I should look?

Commercial realestate agents with clients with a similar situation?

[Erich Rasch]

Hi @Jonathan M.,

While I can't comment on what the effects of the furlough will have in your specific case, the rest of your scenario is very similar to the situation I am currently in. I received a commitment letter within the last month from a local bank for a commercial loan for a 10-unit apartment complex. I am putting 25% down too, and for reference when you're shopping around, my bank's interest rate floor at the time was 4.25%. While banks are still initiating loan approvals in my area, there's still a barrier for getting the bank-required appraisal, which they have currently halted for the time being. I did make sure to get the rate locked in for as long as I could (60 days) in order to have enough time to close given that barrier. One abnormal request the bank gave was proof of tenant payment during April and May given the current circumstances. I would make sure to communicate to the seller that the time to close will very likely be longer than usual given the circumstances.