Posted by JT-IN on August 01, 2008 at 10:02:22:
That is a whole different risk pool and it doesn’t fit the normal residential u/w standards. That is why you are having problems.
Kind of like having a size 12 foot and shopping for size 8 shoes… you gonna be lookin a long time, or go barefoot. Just move on over a couple of isles where they sell the big-boy shoes…
Commercial Loans for Residential Property - Posted by J Scott
Posted by J Scott on July 31, 2008 at 20:53:24:
Has anyone been successful at getting a bank to provide a commercial financing vehicle for residential loans?
For example, with the new stipulations of only 4 loans through Freddie Mac (with Fannie Mae likely to follow), how are others planning to finance additional properties over 4?
Re: Commercial Loans for Residential Property - Posted by brandoncbsre
Posted by brandoncbsre on August 01, 2008 at 06:07:38:
I’ve have 2 houses with commercial loans. Just find a small local bank and see what they can do. You will be most likely looking at 75% LTV with 15 or 20 year amms. I have 20 year loans with 5 year adjustments starting at 6.5%
Good Luck
Re: Commercial Loans for Residential Property - Posted by Mike Bohena
Posted by Mike Bohena on August 01, 2008 at 04:59:16:
I have been working with the same group for awhile for my residential proeperties… they still offer those blanket loans, their rates are terrific…in the high 5’s to low 6’s. There is one thing I have learned recently though, they like other lenders are not lending in Michigan or Ohio. If you need the name of a good lender for your multiple properties, shoot me an email. I can tell you who I work with.
Been Doing it for 5 Years - Posted by Jimmy
Posted by Jimmy on August 01, 2008 at 04:14:45:
went commercial a long time ago. one banker for all of my deals since 2003. makes life a lot easier. none of these silly U/W rules. [well, there are silly rules, just not the ones handed down my the secondary market. each bank has its own “personality.”]
Re: Commercial Loans for Residential Property - Posted by Brian_Wa
Posted by Brian_Wa on August 01, 2008 at 07:48:02:
What about a residential house that sit on a commercially zoned lot? I have been going through some tough times lately trying to refi via a conventional lender. Have you dealt with this situation recently?
Brian