Property valued at $400,000, purchase price $365,000, 12 unit building with one unit vacant. Very good pretax return, DCR is 1.61. Loan amount requested about $240,000.Any help would be appreciated. Property located in Chicago. by richard860 from , California. Aug 13th 2013
I work with lenders that do that type of financing all the time. The key is the numbers on the property and the client credit scores. The property will have to be able to make sense financially for the lender.
Check with your local community bank
It's all in the numbers, and the borrower's credit.
The best source for commercial lending is www.scotsmanguide.com You can type in your loan parameters and get a list of lenders willing to do your particular scenario. keep in mind that the lender is going to look at the past historical income and expenses to make their determination.. so be sure to gather up all the info you can before applying.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
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