Re: Multi Family - Posted by Ed Garcia
Posted by Ed Garcia on July 31, 2007 at 06:36:16:
Youâ??ve been given some sound information by both Patrick and Penny and now letâ??s put it into perspective, which allow us to know what we need to do.
Patrick told you some basic requirements of the commercial lending community. However one of the easiest things to get around is the 2 years management experience requirement that can vary from lender to lender with 20 to 30 % down.
And speaking of the down, there is a lender called Interbay Funding that will allow you to purchase a commercial property with 10% down and a preferred 20% seller carry-back. This can be negotiated depending on the deal. Interbay is one of the few lenders that allow a seller carry-backs and thatâ??s why I share them with you. Most brokers who deal in commercial financing are familiar with Interbay.
As far as Penny sharing what Ray Alcorn has to say about 100% financing, Iâ??m sorry but I donâ??t completely agree with Ray.
When doing any deal, the numbers tell us what to do.
If my intention is to do 100% financing, then I better know what Iâ??m doing and steal the d@m property. As far as Iâ??m concerned, it doesnâ??t take any talent to pay retail for real-estate. I promise you I can put a deal together with 100% financing and it will pencil.