Rental Property Investor · Marine City, MI · Member since 2016 · 145 posts · 230 votes
I am looking at a five unit that is listed at $89K. Being a five unit I will have to do a commercial loan. I live in St Clair County Michigan, so local recommendations would be helpful, but I am not picky at this point.
Does anyone have any recommendations? Will any small bank or commercial lender do multi family homes?
I have 20% to put down....any help would be greatly appreciated. Thanks in advance!!!
Port Huron, MI · Member since 2014 · 86 posts · 29 votes
9y
Lakestone bank will probably loan on that if you qualify but they say they need 30% down. I have many commercial loans with them. Also, that price sounds like Port Huron... Make sure it's a legal/registered rental with current rental certificates if it is Port Huron. I looked at 3 buildings with a total of 11 units plus a large garage in Port Huron for $110k but because of some vacancies PH would only allow them to be like 6-7 units total.
Port Huron, MI · Member since 2014 · 86 posts · 29 votes
9y
Lakestone bank will probably loan on that if you qualify but they say they need 30% down. I have many commercial loans with them. Also, that price sounds like Port Huron... Make sure it's a legal/registered rental with current rental certificates if it is Port Huron. I looked at 3 buildings with a total of 11 units plus a large garage in Port Huron for $110k but because of some vacancies PH would only allow them to be like 6-7 units total.
Real Estate Agent · Port Huron, MI · Member since 2012 · 295 posts · 82 votes
9y
@John Lyszczyk A couple others are Tri-County Bank (I talk with Fred Manuilow) and Eastern Michigan Bank (I talk with Chad Deaner). Both require 25% down HOWEVER you may be able to work around that and get 20% if you get creative. @Troy Young is spot on about verifying the status with the city if it is Port Huron.
Rental Property Investor · Marine City, MI · Member since 2016 · 145 posts · 230 votes
9y
Troy Young Would Lakestone be able to do a commercial loan for me if I had little to no credit built with my BUSINESS? My personal credit is 780...and I just recently applied for a business credit card to try and start establishing credit.