Multi-family Financing in Kansas City

[JJ Jackson]

Hello, All,

I'm researching a multi-family purchase opportunity in Jackson County Missouri (10-20 units). What institutions and specific contact favorites do any of you recommend? 

What terms can I expect for such a project in the area? 

I did see one recent poster reported that he bought an even bigger complex at 20% down, 25 yr amor, @4%. That seems like a great combo. Is that really doable?

Also, any insights you all have for me on approaching institutions would be appreciated! I am worried I don't have that "commercial lender relationship" in place.

Here is some background if that helps you all help me: After nine years of single family investing, this would be my first multi. Although I am originally from KC and have one sf there, I have no commercial lender relationship already in place in MO. However, credit is perfect and history of rental income is documented through years of tax records. Down payment is in hand (esp at 20%). ROI and debt service ratios would be solid in a turnkey way but definitely not homeruns. This would be a buy and hold, with no value added projects immediately on the horizon. Thanks in advance for the BP community support.

Josh

PS, Let's go Chiefs!