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Updated about 4 years ago,

Account Closed
  • Property Manager
  • Salt Lake City, UT
5
Votes |
11
Posts

Investment property financing

Account Closed
  • Property Manager
  • Salt Lake City, UT
Posted

I own two duplexes in Utah and decided to sell one. I am using a 1031 exchange and am in contract to buy an investment property. Because it is more than 4 units I need a commercial loan. The contract is for $397,000 and I have $125,000 from my 1031. 

I am having the hardest time finding a commercial lender because only 2 of the 10 units are rented out because the owners don’t want to do it any more. In a month the property will be producing positive cash flow and in three months the property will be producing $3000 a month cash flow. 

I could get approved for this in a second if it was a house because I have a stable income, great credit, and a low debt to income ratio. But I am finding that no commercial lenders will lend to me because it’s not producing cash flow right away. 

What do I do? 

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