Looking for some Financial Advise from Experienced Investors

[Milan Obradovic]

Hello BP Investors, I am currently in a situation where I am looking to pull money out of one of my investment properties to put down as a down payment on something bigger. Being in Brooklyn and the expensive market here, I am looking in Union City/ West New York area. My property is free and clear and worth approx 350-400k atm. My thought was to take out a mortgage against the property for about 250-300k and invest that money in a multifamily 3+ apartments up to 750k-800k. My questions is regarding lenders, for this type of investment what lending bank would be your primary go to? Or should I just shop around at both smaller and larger banks? Thanks you!

[Jonathan Twombly]

@Milan Obradovic  Assuming you're talking about a lender for the new deal, at this size deal, you are still looking at residential mortgages, rather than commercial ones, which start at 5 units and larger.  

Community banks in the area of the property are always a good place to start on small projects like this.