Posted by JimG (OH) on March 05, 2001 at 24:12:14:
My business partner and I are beginning to acquire multi-family units. In Ohio, up to 4-plex is considered residential, anything over that is commercial. The residential loans look a little easier to obtain, but we are having trouble with the commercial deals since it seems like all lenders want at least 20% down and immaculate credit scores. Anyone able to suggest some lenders that are a little more lenient with the financing?
We are sitting right now on a deal for two six-plexes at a great buy price if we do straight-up financing, but if we have the seller carry-back any of it, we will need to pay heavily for terms, which eats up the cashflow. (if straight-up we figure at worst between $500-600 a month per bldg, if we don’t raise the rents)
If anyone wants all the details, please let me know. We are really looking to get off the ground with some of these deals and would sure appreciate any help. Thanks in advance!