The local banks have given me a list of reasons. Some don’t write commercial, others will only do 80% of the original purchase price, antoher told me that the d/i ratio was to high for them. Others wanted 24 mo’s of seasoning. I have even gone through two local commercial mortgage brokers who came back with the same response of needing 24 mnths seasoning.
I purchased my first commercial rental unit, last year.I negotiated the owner into financing the bldg until the needed rehab work was completed. Now I am trying to refi the bldg and am meeting obstacle after obstacle. Does anyone know of a commercial lender out there that will lend on a 5-unit bldg, (considered commercial in NY), that I have owned for one year and need to borrow under 50K.
I have good scores in the 600’s. I have exhausted all avenues I know of including HML’s. Any input would be grealty appreciated.