Posted by Ed Garcia on January 19, 2001 at 10:20:29:
You’re using language that is used in purchasing a home, such as first time buyer. When you purchase 5 units or more, it’s considered Multiple Units, and you deal with a different lending community than SFR’s.
If your deal had a 1.2 to a 1.3 debt coverage ratio, with 25% down, you shouldn’t have any problem in securing financing. If you do, come back here and see me. For many lenders who do multiple units, they have a minimum loan amount requirement, so if it’s under 250,000, I would suggest a local portfolio lender.