Have Contract On 5 Unit Building - Need Financing! - Posted by Charlie

import · September 11, 2004, 7:29am

Posted by James Strange on September 11, 2004 at 13:02:54:

5 uints is commercial so I don’t expect that you will be able to find one who thinks that it is not.

import · September 11, 2004, 7:29am

Posted by Charlie on September 11, 2004 at 07:29:14:

I have a contract on a $550,000 5-plex in downtown Orlando, FL. It is currently fully rented at $3700 month. Does anyone know of lenders that won’t consider this “commercial” property, due to the fact that its 5 units and not 4? I need help getting a loan without the seller holding a note. My credit is in the mid 700’s. Please email me if you can help!!!

Thanks
Charlie

import · September 12, 2004, 10:28pm

Why are you buying this deal? - Posted by M. Martin

Posted by M. Martin on September 12, 2004 at 22:28:46:

Charlie,

You should be able to get 90% from a local bank even on commercial. Whats is your exit plan for the building? From your numbers it does not look like it will cash flow. Are you speculating on high appreciation?

import · September 11, 2004, 10:51pm

Re: Have Contract On 5 Unit Building - Posted by Art (MD)

Posted by Art (MD) on September 11, 2004 at 22:51:33:

Charlie
If one of the units is below grade you can get it financed as a four unit. You won’t be able to count the income for this unit however, in your qualifying. I did this on one a couple of years back. Good Luck!!
Art