All Forum Posts by: Leandrew Tirrell

Hi,

I have a 12 unit building in utah that I would like to refinance. My current loan isn't bad. I am paying 4.9% with a 25 year amortization. I have heard that brokers that work with pensions/insurance companies that give lower interest rates with longer amortizations. Have any of you worked with these kinds of brokers that you could recommend?

Thanks,

Leandrew Tirrell

Thanks for the posts. I feel like I have talked to several lenders. The process is extremely frustrating because they always assure me that they love the project and that I am a well qualified buyer. I submit mountains of paperwork, it goes to underwriting, and after 3 weeks I am informed that they can't work with me. 

I wish I could back out and buy another project that wasn't a "broken condo" but I would loose 50k in earnest money.

I wish I could afford more units but 12 is the best I can do.

Hey Guys,

 I got myself into a bit of a pickle. I am in contract to purchase a 12 unit condo building for $2, 050,000. My building is part of a larger complex that also has an 18 unit building. The building is brand new, it is fully rented, and the cap rate is 7% (not to bad for utah). I assumed getting a loan for this project would be fairly easy given its solid financials. However, it has been a nightmare to find a good loan. Apparently all the commercial lenders have issues lending on this building because it is a condo as opposed to an apartment. The term i have become all to familiar with is "broken condo". I was wondering if any of you have advice on securing a good loan on this project? I can do 20-30% down payment.