Posted by Ed Garcia on January 30, 2001 at 02:35:53:
Amanda,
If you finance 1 to 4 units, chances are you can use the vast majority of lenders who do residential financing. If you are looking at 5 units or more, then you are going to be involved in a different lending community and will have to seek out a lender who does multiple units. When you ask if it’s harder to finance units, may answer would have to be, depending upon your knowledge and experience.
Right now I personally am going to finance a small 6-unit office building and will be doing 100% financing. But I’ve structured my deal to be bankable, and I have the back ground, and reputation with my bank to pull it off.
Amanda you don’t have that ability yet because you’re new. But as time goes on and you learn how to structure your deals, develop a track record in the business, and with your bank. You too will be able to obtain this type of financing.
Meanwhile I would like to refer you to a gentlemen named Ed Wachsman, who I consider to be a straight forward indivisual, who does Hard Money, as well as other types of financing in Ohio. Mr. Wachsman wrote “A Glossary Of Common Terms Used In Loans And Lending”, in our How-To Articles right here on this site. Ed’s e-mail address is ewachs@concentric.net. If that e-mail address doesn’t work try edcopp@yahoo.com
Tell him I sent you,
Ed Garcia