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Updated over 1 year ago on . Most recent reply
How to finance 6 plex deal?
Hello - I’m interested in a 6 plex priced at $490,000. After 20% down, the loan value will be around $400k.
Since it's a 6 plex, regular FHA will not be applicable. For commercial loans, the minimum amount to borrow will be 500k?
Any suggestions to finance this deal other than hard money lending?
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Quote from @Venslaus Arokiaraj:
Hello - I’m interested in a 6 plex priced at $490,000. After 20% down, the loan value will be around $400k.
Since it's a 6 plex, regular FHA will not be applicable. For commercial loans, the minimum amount to borrow will be 500k?
Any suggestions to finance this deal other than hard money lending?
Hey Venslaus,
Most commercial lenders are capped at 75-70% LTV max for any 5+units. Do you own any other real estate? A lot of commercial lenders do not lend to first time buyers.
- Erik Estrada
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- 818-269-7983
