seasoning - Posted by maarifa roho

Posted by Ed Garcia on December 30, 2000 at 21:17:25:


The lending community for multiple units, differs form residential. In the residential community, seasoning is considered after 1 year.

Now if you are going to try to utilize the new equity for the buy out, most Multifamily lenders require 3 years.

I would like to caution you with the definition of multifamily units. Some investor’s think multifamily, is 1 to 4 units. In the lending community, multifamily, starts at 5 units or more.

Maarifa, I would like to wish you and your family a Happy New Year,

Ed Garcia

seasoning - Posted by maarifa roho

Posted by maarifa roho on December 29, 2000 at 09:08:11:

To Whom It May Concern,
If I take out a hard money loan on a multi-unit property, how long is it before I can refi and cash out if the numbers work? Also, which kind of institutions are best to use for this?


Re: seasoning - Posted by Dallas Allbritton

Posted by Dallas Allbritton on January 04, 2001 at 11:57:21:

If you read Ed’s post on the web site you got part of the answer. He is very good at what he does and I do nto want my post to appear as a contradiction of his.

Most lenders in the residential community do require 1 year before they will use the appraised value BUT I have investors that have no ownership requirements. If your multi-family is 4 units or less it will qualify for a loan of 75 - 80% of the current appraised value.

If I can help, please contact me