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Updated almost 9 years ago,
Financing for a abandoned commercial multifamily property
I would like to get financing on an abandoned commercial multifamily property in Tacoma WA. The property has more than 4 rooms so it don't qualify for residential mortgage. I intended to use it to help the special need or disabled veterans in short term or long term housing need. I visited 7 banks today and most of them do not want to finance property since it is an abandoned property and it requires another rehab loan to renovate the building. I was told the wiring, plumbing and HVAC need to be redo. Does anyone have any idea or can help me to finance this acquisition? Any lender could do this? I am also willing to offer money management or other misc classes for them at no cost. This is the least I can do for these gentlemen to get their feet up again who once served our country. I am also curious whether there is another federal grant I can apply to help out with the renovation. Any advice is appreciated. Thank you