Financing Woes
Hello All,
I am trying to finance a multi-unit for 625,000 and am having a hard time. None of the lenders from the lenders tab have gotten back to me. I am an experienced landlord and have good credit. Could it be that I have too many properties? Also I need a lower downpayment. Maybe thats why they don't call me back? I would rather them call me back and tell me no. Also I think this might hurt my credit with everyone wanting to pull my credit reports. Thanks for listening... You all have gone through this whole thing with me.[ Edited by studlee on Date 06/20/2004 ]
In my area almost all commercial transactions are financed by local banks.
You definitely do not want lots of pulls of your credit. That will certainly work against you.
You must have figured out something from the folks you spoke with. As you indicate that you have managed property before I am guessing you have obtained mortgages before. If you have not been loyal to one mortgage broker (well, two is better) that might explain it a bit. You should already have someone that can at least tell you what seems to be the problem.
Any local RE clubs? See if there are any owners of multi-units there? Look also for mortgage brokers that handle commercial deals.
Does the seller have many properties. Any lenders they can recommend?
It should not be that hard so I suspect you are doing something wrong. If you have only focused on the lenders tab, find some lenders or brokers who are local to you and/or the property by getting out the phone book, searching the web, etc.
John
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