Posted by Matthew G on March 15, 2006 at 09:17:50:
Mary-
As I said in the opening there is a commercial side of creo. I would suggest doing all the numbers before you buy.
financing for commercial is nothing like residential- you will have to fork out about 25% for the down payment for a decent mark rate -
Silver Hill financial and many others offer higher loan to value loans but the rate is 1%-2% higher.
again you ned to do more homework and I would suggest going to the commercial side of creo
OK, a little new at this so be patient. I have found a multi family, 8 units, in Mississippi that I have placed an offer on. EGADS, only to find out my lender doesn’t lend on an 8-plex because it is considered commercial (wow, have I moved up in the world). The price is $260K, rent per unit is $550, the numbers are beautiful. Where oh where do I go for financing? I have a 790 score and about 50K in reserves.
I got the following response to my request for lender information. The mssg was sent to my email. I am leary because there are no company name or last name of the “senior analyst”. Then I try to search the email address of reinfo@mchsi.com and I get a communications company web page. Can someone give me some solid lenders out there that I can research and know the company prior to doing business with them.
Thanks.
“Mary, Congrats on ‘moving up’ to the commercial arena.
FYI: Our expertise, we provide both commercial and residential mortgages. We are a federally licensed lender.
You do not need a broker to work directly with our firm. I invite you to call, central time, M-F to
417-739-1589 to discuss your goals. Look forward to be of service.
“Dee” (Senior Analyst)”