Commercial lending on $4-5M property

[Ian Skjervem]

Hello! 

I'm considering the idea of getting in the market for a $4-5M, 20th century apartment building in Brooklyn, NY. I have experience with multi-family on a smaller scale. I'm looking for guidance on how the commercial lending process works in comparison retail mortgages. 

What should I expect to put down? 20%? And is there any path to a lower down payment using creative financing, or is 20% pretty much what it is? Is there any difference in product/rate if the building is owner occupied? What does the contingencies process look like ? For anyone familiar with the area, what would be a reasonable amount for annual repairs to build into a model? Are lenders going to care about amount of experience with this type of deal in terms of preparing a fleshed out model, or is it similar to retail in the sense that much of the process is managed? Is DTI relevant in these deals, or is the only metric DSCR?

Appreciate any help.