All Forum Posts by: Sean Nad

Nicholas

Thanks for the reply. I will give them a call. Did you take our a commercial loan with those banks for a purchase, or was it a refinance? I was amazed with talking to a few banks how they want very little to do with commercial/LLC loans for purchasing multifamilies. Common theme was the place needed to be in pretty good condition, some wanted lead certification right off the bat, prepayment penalities so made challenging to refinance, some counted only 75% of the rental income, fully rented, maybe minor work in an apartment etc...just went on and one. Some flat out said because its an LLC they avoid it and tried to convince me to put it in my name/residential loan....lol, thanks but no thanks. 10 years ago in the bubble, I can only imagine how easy it was...

Does anyone have any insight on what banks in the central and western part of Massachusetts, or any banks in MA for that matter, who are more open and willing to lending commercial loans for multi families in the 3-5 family range?  The ones I am running into are not willing to lend unless its a residential mortgage and if they are willing to do a commercial it is filled with numerous limitations and restrictions that its almost impossible.