All Forum Posts by: Darryl Dahlen

Unlike the residential world, you cannot obtain a pre-qual in the commercial arena since the loan is based on the financials of the property. Without specific numbers to look at or a property/market to analyze it's impossible to obtain a pre-qual.

As mentioned, look at Wells Fargo. They have a terrific small balance program, but expect 25% down.

Now that's creative financing! 

At that LTV you would need a new first as a LOC generally caps out at 75% CLTV on my lender's product.

How many units and what is the loan amount are you trying to obtain?

I could potentially provide you with a bank line of credit that you could use either as a one time draw or as a revolving line. The property's financials are the factor here, but I'd be happy to see what we can do if you want to provide the necessary docs. PM me if interested.

What's the property worth and how much are you looking for?

Maybe a better way to say it is that you're not a shoe-in for 80% financing in a Tier II-IV market with Freddie. 

Some of you large(r) investors can secure 80% financing because of the size of the properties you are buying and the lenders/programs you are using. It's far easier to secure that kind of leverage on a multi-million dollar agency loan, but 99% of the members here aren't there yet. 

Even on a Freddie SBL loan you still need to be in a Tier I market to get 80% financing. I know that my clients who buy in Dallas and Houston can only get 75% under that program so there are limitations even using agency financing. 

I just don't want people comparing apples to oranges.

80% financing isn't something that's common. I can count on one hand the amount of loans I've closed at 80% in 10 years. 

The most common LTV for multifamily loans is 75%. Banks can be open to allowing for a 2nd, but any conventional lender operating today is going to require you to inject some of your own funds. If you need to put down 25% figure 10-15% being from you and the lender allowing for a 10%, maybe 15%, second.

Keep in mind that any seconds or secondary financing payments will be underwritten by the lender holding the senior debt. They'll want to know that the property can service all of the debt load.

Please do yourself a favor and ask any "lender" the following questions first: How many loans have you closed internationally? What are your upfront fees?
What your asking for is is realistically has a slim to zero chance of happening, and that's the brutal truth. Greece is a complete mess and it makes no sense for any lender to lender there. I know that's not what you want to hear, but better you hear the truth than go down a rabbit hole of false hope.