85% LTV Financing for apartment building?

[Mariah Jeffery]

I'm interested in purchasing an apartment building for about $1.1M. I have enough cash to put 15% down. Are lenders doing 85% LTV commercial mortgages these days? If so, will it be an 75% and a 10%? Will the rate be higher than if I were to go 80% LTV? My credit score is 795 and I only have one small mortgage for debt. I also only have one investment property so far, a duplex. Will lenders be concerned about me jumping from a 2-unit to a 20-unit?

[Bryan Silver]

I've been in communication w a lender that "claim" they can do 100%. If, and only if, the cap rate is atleast 8%; property requires little to no work/repairs; credit score is above 650; and you have some experience and/or net worth.

You never know how legitimate, reputable these lenders are until you actually bring the project to the table.