Posted by Chris on August 28, 2004 at 24:47:25:
Why not buy a Duplex and a 4-Plex, so you get the 6 units you desire and can get a traditional mortgage? It’s a PITA otherwise - but hopefully someone can recommend a lender? I spoke once with Wells Fargo’s commercial unit to refinance an all cash deal.
Financing for a 6plex - Posted by Steve
Posted by Steve on August 26, 2004 at 13:05:52:
I am looking for financing for a 6plex in Spirit Lake Idaho.
The asking price is $229,000.00. I can put 10% down. I am looking for a stated no doc loan. My credit scores are over 700.
Re: Financing for a 6plex - Posted by evo
Posted by evo on September 09, 2004 at 24:09:02:
Steve,
The maximum loan you can get on a stated commercial loan is 80% with your fico. You will still need the remaining 10%. You will need to have the seller carry 10%. It is common for seller to carry a small balance in commercial real estate. If you need help structuring this loan, send me an email.
Re: Financing for a 6plex - Posted by michael schindler
Posted by michael schindler on August 31, 2004 at 13:35:35:
why no doc? If anyones ever heard of a no doc commercial loan, then please email me 'cuz I’d personally love to know someone who would do that. Does this place cash flow? Is this the 1st building for you? management? utilities? What’s the scoop? Is it a good deal?
Re: Financing for a 6plex - Posted by Robert Harris
Posted by Robert Harris on August 30, 2004 at 15:17:39:
Steve-I’m a mortgage broker for National Lending Corporation in Kansas City and can help. We have over 200 lenders working for us and can find you the best rate available. Shoot me an email back and we can talk. Thanks-Robert
Re: Financing for a 6plex - Posted by Jesse
Posted by Jesse on August 26, 2004 at 21:57:07:
You should be able to get just about any lender to do this loan. This would considered a small commercial loan so you would need another 10-15% down or have the seller carryback a note for the remainder.
Jesse