Hey everyone, I'm under contract on an assisted living facility and looking to do an SBA 7a loan.

Any help with creative financing to assist with purchasing my first commercial (multifamily) property would be appreciated.

I'd be happy to learn more about your personal goals, and see how I might assist you.

A tip I learned by working with a great lender @John Capehart was that conventional loans only allow the buyer to get 3% in seller assist for closing costs whereas FHA loans allow for 6% of the purchase price to be covered by the seller for the buyers closing costs(usually about 5% of the purchase price in my area).

Purchase price: $62,000 Cash invested: $4,500 Husband and I house hacked a duplex using FHA loan and down payment assistance.

@Charlene Stovin. if you are a new Investor / Property Owner, would suggest you engage a competent Real Estate Agent with experience in leasing properties to assist you with the initial lease up. 

This site never ceases to amaze me in the amount of knowledgeable people willing to assist. 

So if you are in the Raleigh area and would like any free assistance, please consider me.

There are programs where the city will assist with the cost.

main driver here is how bad the covid thing really is and whether we can contain it here. it appears elderly are at most risk. with the warm weather coming, this hopefully will assist in reducing the spread. for once, we might actually prefer a hot summer.